Avax

Greek construction company Avax is eyeing a share of the large pie of projects in the Middle East, so it has bought out three subsidiaries of its defunct parent company J&P Overseas, so as to ensure its presence in the Arabian Gulf.

The expansion in the presence of Greek construction groups still leaves a lot to be desired.

Amid considerable delays in the concession of new major contracts in the Greek market, the sector's companies are unable to get successfully involved in projects abroad as conditions remain difficult.

Greece's J&P AVAX has won the tender to build a gas pipeline between Greece and Bulgaria for 133.85 million euros ($150.46 million), project manager ICGB said on Tuesday.

Athens-listed construction company AVAX and a consortium between two Bulgarian companies and Italy's Bonatti have submitted bids in a 145 million euro tender to design and build a gas pipeline between Bulgaria and Greece, the company overseeing delivery of the project, ICGB, said Tuesday.

Athens-listed construction company Avax SA removed the initials J&P from its name on Wednesday, signaling a new start independent of the bankrupt Cypriot group.

The objective of the Greek company is to avoid any negative connotations and to reposition the group during what is a difficult financial juncture for Avax.

The Piraeus Group is said to have received a bid worth 50 million euros for its 9.8 percent stake in the consortium that operates the Attiki Odos ring road around the Greek capital.

Following months of hard work, Piraeus Bank seems to have secured a proposal by the Davidson Kempner private equity fund.

Cypriot-owned construction group J&P Overseas is expected begin its new strategy of growth with Athens-listed J&P Avax, as is evident from the upcoming 20-million-euro share capital increase of the Greek subsidiary that its shareholders recently approved.

The deadline of the tender for the contractor to undertake the extension of the Piraeus cruise passenger port has been stretched by a few more days due to the strong competition among major construction groups.

Construction sector experts speak of a handout of 250-300 million euros to Attiki Odos SA's shareholders, due to the upcoming confirmation of Infrastructure Minister Christos Spirtzis's decision to approve a two-year extension to the concession contract for the operation of the capital's homonymous ring road.

Ten investment groups have expressed an interest in the concession of Alimos marina in southern Athens, including foreign and Greek companies such as Lamda Development, Aktor, Dogus, J&P Avax, Koc Holding, Intracom and Archirodon.