‘New day has dawned’ for Greek construction firm Ellaktor

The Ellaktor tug-of-war between brothers Dimitris and Anastasios Kallitsantsis on the one side and Leonidas Bobolas and Dimitris Koutras on the other ended after a month and a half on Wednesday, with the proposal by the Kallitsantsis brothers’ Change4Ellaktor initiative emerging victorious from the construction company’s general meeting.

After four long hours, a majority of the listed firm’s shareholders (52.92 percent) voted in favor of a shift in the group, putting an end to its administration by Bobolas and Koutras. The new governing board received the approval of 54.55 percent of shareholders. What tipped the balance in favor of the new management was the vote by the foreign institutionals that hold shares in the Greek construction firm, with General – which holds over 4 million shares – supporting the Kallitsantsis brothers.

A few weeks ago the Kallitsantsis brothers invested 50 million euros in raising their stake in the group from 11.8 percent to 27 percent, shifting the balance at Ellaktor.

“A new day for Ellaktor has already dawned. With their vote today the shareholders have given us a clear mandate,” stated Anastasios Kallitsantsis after the conclusion of the meeting.