The sale of assets can prove decisive for some companies.
Although Greece’s economy is showing growth, and many listed firms are reporting improved figures, this is not the case for everyone.
Several companies continue to face pressure from banks and are being forced to sell assets in order to recover.
In some cases, announcements of such sales have even boosted share prices.
On one hand, selling assets “weakens” a company and signals financial strain, but on the other, the relief from reduced liabilities can improve profitability and ensure business continuity.
Iktinos property in Crete
From the financial statements, the case of Iktinos stands out. Investors had already anticipated the sale of its property in Crete, but management says discussions are still ongoing with no final agreement yet.
The stock, however, has risen about 25% since the start of the year, largely due to market expectations.
The company owns roughly 2,689 acres, of which 556 acres are coastal in the Faneromeni Bay area of Sitia, Crete, and the remaining 2,133 acres lie about a kilometer south at the Sopata–Mesorachi plateau in the same region.
“The Company is seeking an investor for the sale of the investment property, though no definitive agreement has been reached yet.
The expected sale will permanently resolve the company’s liquidity problem and allow completion of investments needed for full exploitation of the new quarries and completion of its investment plan,” the company’s management notes.
Tzirakian’s asset portfolio
Tzirakian reports that as of June 30, 2025, it completed a five-year restructuring of its loan agreements with Piraeus Bank, Eurobank Ergasias, and DoValue, the appointed loan servicer.
The company is in discussions with these creditors to agree on refinancing and debt restructuring.
As part of its proposal, it has expressed its intention to sell part of its real estate holdings.
Proceeds from the sale — estimated at €6.4 million — will be used to repay part of its bank debt and other short-term obligations.
Negotiations with both the banks and a potential buyer are ongoing.
Management expects a positive outcome before the end of the year.
The stock saw a short-lived rise after the announcement but soon faced selling pressure.
Liquidity boost for Sarantopoulos
Flour Mills C. Sarantopoulos S.A. sold investment properties worth €10 million to its main shareholder to repay liabilities.
The company agreed to sell and transfer its property at 17 D. Moutsopoulou Street in Kaminia, Piraeus, including adjacent plots at 19, 21 D. Moutsopoulou and 53 Chrysostomou Smyrnis, totaling 4,644 sq.m. of land and 8,271 sq.m. of buildings, for €10 million.
It has already received an €8.7 million advance and an additional €3.35 million cash facility from the main shareholder.
Mouzakis properties
Nafpaktos Textile Industry added about €2 million to its cash reserves by transferring unused properties to its main shareholder.
The company says the move helps by offloading unutilized assets, saving on taxes and maintenance costs, and strengthening liquidity without taking on new bank debt.
Mouzakis guarantee payments
Mouzakis SA faced difficulties due to guarantees it had provided for loans taken by Ilios SA, risking property seizures by banks.
The late chairman, Eleftherios Mouzakis, had provided €20 million through his will, but this proved insufficient.
To pay the banks, the company issued a convertible bond loan, which was later converted into shares — increasing one major shareholder’s stake from 7.5% to 22.4% (Ion Mouzakis-Gagnoum).
The conversion occurred at a high price, and as the share was trading much lower, it eventually closed the gap.
Sales by Kekrops, Bitros, and Vioter
Kekrops has now fully repaid its bank loans through the sale of land plots,
and its share has risen over 70% since the beginning of the year.
Bitros has settled its debts with banks, which wrote off part of the loans, while the rest is being repaid via asset sales.
It is currently in talks with the Athens Stock Exchange (ATHEX) to return to trading — this time debt-free but without a clear business focus.
Reports suggest that the main shareholders plan to inject other holdings into the company to give it new substance.
Yalco and Vioter also hope for major debt write-offs. Vioter has already sold some properties and plans to sell the remaining ones as part of its restructuring efforts.
www.bankingnews.gr
Several companies continue to face pressure from banks and are being forced to sell assets in order to recover.
In some cases, announcements of such sales have even boosted share prices.
On one hand, selling assets “weakens” a company and signals financial strain, but on the other, the relief from reduced liabilities can improve profitability and ensure business continuity.
Iktinos property in Crete
From the financial statements, the case of Iktinos stands out. Investors had already anticipated the sale of its property in Crete, but management says discussions are still ongoing with no final agreement yet.
The stock, however, has risen about 25% since the start of the year, largely due to market expectations.
The company owns roughly 2,689 acres, of which 556 acres are coastal in the Faneromeni Bay area of Sitia, Crete, and the remaining 2,133 acres lie about a kilometer south at the Sopata–Mesorachi plateau in the same region.
“The Company is seeking an investor for the sale of the investment property, though no definitive agreement has been reached yet.
The expected sale will permanently resolve the company’s liquidity problem and allow completion of investments needed for full exploitation of the new quarries and completion of its investment plan,” the company’s management notes.
Tzirakian’s asset portfolio
Tzirakian reports that as of June 30, 2025, it completed a five-year restructuring of its loan agreements with Piraeus Bank, Eurobank Ergasias, and DoValue, the appointed loan servicer.
The company is in discussions with these creditors to agree on refinancing and debt restructuring.
As part of its proposal, it has expressed its intention to sell part of its real estate holdings.
Proceeds from the sale — estimated at €6.4 million — will be used to repay part of its bank debt and other short-term obligations.
Negotiations with both the banks and a potential buyer are ongoing.
Management expects a positive outcome before the end of the year.
The stock saw a short-lived rise after the announcement but soon faced selling pressure.
Liquidity boost for Sarantopoulos
Flour Mills C. Sarantopoulos S.A. sold investment properties worth €10 million to its main shareholder to repay liabilities.
The company agreed to sell and transfer its property at 17 D. Moutsopoulou Street in Kaminia, Piraeus, including adjacent plots at 19, 21 D. Moutsopoulou and 53 Chrysostomou Smyrnis, totaling 4,644 sq.m. of land and 8,271 sq.m. of buildings, for €10 million.
It has already received an €8.7 million advance and an additional €3.35 million cash facility from the main shareholder.
Mouzakis properties
Nafpaktos Textile Industry added about €2 million to its cash reserves by transferring unused properties to its main shareholder.
The company says the move helps by offloading unutilized assets, saving on taxes and maintenance costs, and strengthening liquidity without taking on new bank debt.
Mouzakis guarantee payments
Mouzakis SA faced difficulties due to guarantees it had provided for loans taken by Ilios SA, risking property seizures by banks.
The late chairman, Eleftherios Mouzakis, had provided €20 million through his will, but this proved insufficient.
To pay the banks, the company issued a convertible bond loan, which was later converted into shares — increasing one major shareholder’s stake from 7.5% to 22.4% (Ion Mouzakis-Gagnoum).
The conversion occurred at a high price, and as the share was trading much lower, it eventually closed the gap.
Sales by Kekrops, Bitros, and Vioter
Kekrops has now fully repaid its bank loans through the sale of land plots,
and its share has risen over 70% since the beginning of the year.
Bitros has settled its debts with banks, which wrote off part of the loans, while the rest is being repaid via asset sales.
It is currently in talks with the Athens Stock Exchange (ATHEX) to return to trading — this time debt-free but without a clear business focus.
Reports suggest that the main shareholders plan to inject other holdings into the company to give it new substance.
Yalco and Vioter also hope for major debt write-offs. Vioter has already sold some properties and plans to sell the remaining ones as part of its restructuring efforts.
www.bankingnews.gr
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