The plan of Alumil’s comeback, which has recently been under strong pressure due to loan obligations, is underway.
The main shareholder and founder of the listed company, George Mylonas, which has a presence in dozens of countries around the world, just last week announced his intention to put up for sale a percentage of around 5% of the share he owns.
This corresponds to 1.6 million shares, which will be made available on the market.
The plan of CEO, George Mylonas, is based on two pillars:
On the one hand, to lead the equity dispersion above the 25% limit (today it is below 21%) and to… get rid of the pending free float, on the other hand, to use the liquidity raised to repay the bondholders.
This means that he will use his personal money to settle a part of the Group’s debts, which amounted to 165 million euros at the end of 2024 (from 161.6 million euros in 2023).
This is another move towards the consolidation of Alumil’s balance sheet.
The sale of approximately 50% of the foundry activity is also pending, which can provide an extra liquidity of 25 million euros. This particular deal has been… somewhat delayed, as it was expected to have been closed at the beginning of the year.
Dividend and Profit
These developments are considered quite important for George Mylonas, who aims to reduce borrowing to levels that will allow him to resume dividend distributions to shareholders. The last time the company distributed a dividend was in 2009!
Meanwhile, the company announced a turnover of 455.1 million euros and an EBITDA of 50.3 million euros. The corresponding figures in 2019 amounted to 241.5 and 23 million euros, while the target for 2029 has been set at 710 and 90 million euros.
These figures correspond to an increase of +194% and +291% respectively in a 10-year period.
