Bloomberg News

Opap Rises on Greek Plans for Faster Asset Sales: Athens Mover

January 22, 2013

Opap SA (OPAP) rose the most in more than a week after Greek officials met to coordinate state asset disposal plans, which include the sale of a 33 percent stake in Greece’s biggest gambling company.

Opap advanced 5.4 percent to 6.97 euros at 3:57 p.m. in Athens. That marked the stock’s biggest gain since Jan. 10, after Greece’s state asset sales fund said progress had been made on plans to sell a stake in the company. The stock has added 29 percent since the start of the year, giving it a market value of 2.2 billion euros ($2.9 billion).

Prime Minister Antonis Samaras met yesterday with officials including Hellenic Republic Asset Development Fund Chairman Takis Athanasopoulos and Development Minister Kostis Hatzidakis to call for speedy implementation of the country’s asset sales plan, a key part of efforts to raise revenue and cut debt.

The HRADF said Jan. 9 that it will send a draft purchase agreement to investors selected for the second phase of the Opap stake tender and call for binding offers.

The sale of the Opap stake, state-run natural gas company Depa SA and grid operator Desfa make up about 80 percent of Greece’s targeted revenue from state asset sales this year, Eurobank Equities said in a note today.

To contact the reporter on this story: Natalie Weeks in Athens at nweeks2@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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