Mytilineos, one of Greece’s leading industrial groups with activities in the sectors of EPC (Engineering-Procurement-Construction), Metallurgy & Mining, and Energy, has announced the terms of a company bond issue offering 300,000 bonds worth 1,000 euros each, enabling smaller investors to also take part.
The group’s chief executive Evangelos Mytilineos had recently told a shareholders’ meeting that a bond issue allowing smaller invetsors to take part would be considered.
The bond issue will enable the corporate group to draw from a pool worth a total of 1.4 billion euros for investment needs. Its rate will be set on June 20, while the issue will be made available to investors over a three-day period, June 21 to 23. Trading of the bonds is scheduled to commence on June 28.
The Renewable energy and industrial sectors are expected to draw the bulk of the corporate group’s investment needs, Aluminium of Greece being a key recipient. The group plans to boost annual production capacity at Aluminium of Greece to 1.8 million tons from the current level of 830,000 tons. An investment of about 400 million euros will be needed for this production capacity increase.
The group is increasing its activities in the shipping sector. Dry cargo ships have been purchased at a cost of 35.8 milion euros with own capital. Further vessel purchases worth 64.7 million euros are being planned. These will also be financed with own capital. The objective is to reduce the group’s exposure to fluctuating shipping costs and also serve the transportation needs of Aluminium of Greece.
New renewable energy sector investments being planned by the Mytilineos group are worth 73.9 million euros. Own capital, grants and bank loans are expected to fininace these initiatives.
The corporate group also plans to proceed with various other aluminium and energy sector investments worth 213 million euros.