Intracom Holdings has completed its transformation from a holding company in production activities to an investment company, following the recent sale of Intracom Defense for 60 million euros.
Intracom Holdings can invest about 500-million-euro funds over the next period and will be directed, among others, in the sector of technology, the vice president of the company, Dimitrios Klonis, said during the annual general meeting of shareholders on Thursday.
The real estate of the Group worth 63 million euros has been transferred to the new subsidiary of Intracom Holdings with real estate activity, Intracom Properties, while the acquisition and subsequent merger with Kloukinas-Lappas, which has properties worth 113 million euros, is underway.
The founder, president and CEO of Intracom Holdings, Sokratis Kokkalis, in a short speech at the meeting, noted that in Greece today there are several investment opportunities, adding that investments in the real estate sector are the safest. He also told shareholders that various markets are being considered, including Latin America.
Regarding Properties, the goal is to create a real estate portfolio worth around 200 million euros over the next three years, which will bring it, as Klonis said, a stable annual income of 8 million euros.
The mandatory public offer process for the acquisition of the remaining shares of Kloukinas-Lappas, after the acquisition of 74.20%, is in progress.
Holdings’ executives estimate that a merger of Kloukinas-Lappas with Intracom Properties, through absorption of the latter from the former and the renaming of Kloukinas-Lappas to Intracom Properties will be completed in the first quarter of 2024.
