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Hellenic Exchanges aims at reducing expenses, and accelerate share buyback |
 Greece's Hellenic Exchanges Holding SA, the company that controls the local spot and derivatives equities markets, said that it aims at further reducing operating expenses and accelerating its share buyback scheme. CEO Spyros Capralos explained on an analysts' conference call that they want to further reduce head count which may currently add to extraordinary expenses but in the long term it will help to further contain costs.
The CEO underlined that they intend to spend 50 million euros on the share buyback scheme this year. So far the company has acquired 1.96 percent of outstanding shares for 12.7 million euros.
Capralos added that next year after the share buyback is completed they will consider what to do with any excess cash.
The top executive confirmed that there is no takeover activity currently being conducted in the region, however the company is looking at developing business relationships.
As far as discussions with the Istanbul Stock Exchange are concerned they are discussing issuing a common index so an Exchange Traded Fund (ETF) can be launched to bring additional business for both markets, the CEO added.
Capralos also explained that the 20 percent increase in derivatives trade was a result of increased volatility, as has been the case on many other exchanges. nick.skrekas@thomsonreuters.com ns/lam
31.07.2008
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