Company:AVAX

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Short description: Cypriot construction company
AVAX
TypePrivate
IndustryConstruction, Concessions, Energy
Founded1986
HeadquartersAthens,Greece
Area served
Europe, Middle East, Africa
Key people
  • Christos Ioannou
  • Konstantinos Mitzalis
Websitehttps://avax.gr/en/

AVAX Group is one of the oldest and largest construction groups in Greece. It is mainly active in the field of constructions, concessions and real estate development, in Greece and international markets.[1] AVAX Group has been listed on the Athens Stock Exchange, since 1994[2] and the projects it has undertaken to execute, currently amount to 2.2 billion Euros. Some prominent projects of the group are Attiki Odos, Athens Metro, Rio Antirrio Bridge and The Mall Athens.[3]

History

AVAX Group traces its origins back to 1941, with the establishment of J&P Overseas. In 1986, AVAX S.A. was founded, while in 1993, J&P HELLAS S.A. began operating in Greece. AVAX S.A. has been listed on the Athens Stock Exchange, since 1994. In 2002, J&P-AVAX S.A. was created by the merger of J&P HELLAS S.A. and AVAX S.A.

Foundations of Subsidiaries - Acquisitions - Mergers

2000 -  AVAX S.A. acquired ETETH S.A., established in 1961
2002 - J&P-AVAX S.A. founded AUTECO, active in the vehicle technical inspection sector
2007 - J&P-AVAX S.A. entered into a strategic and shareholding partnership with the construction company ATHENA S.A.
2007 - MONDO TRAVEL S.A. was established, operating in the field of organised tourist services
2008 - TASK J&P-AVAX S.A. was founded, operating in facilities management
2010 - VOLTERRA S.A. was founded (Shareholders: 50% SORGENIA SpA Group and 50% J&P-AVAX S.A.)
2017 - Completion of E-Construction S.A. and PROET SA absorption, by J&P-AVAX S.A.[4]
2017 - Acquisition of the 50% equity stake in Volterra, by J&P-ΑVAX Group, previously owned by Sorgenia Group[5]
2018 - AVAX S.A. announced the completion of the absorption of its 100% subsidiary ATHENA S.A. [6]
2019 - Change of corporate name to "AVAX SOCIETE ANONYME – CONTRACTING – TOURISTIC – COMMERCIAL – INDUSTRIAL – BUILDING MATERIALS AND EQUIPMENT". The distinctive title was also changed from "J&P-AVAX S.A." to "AVAX S.A." and in parallel the corporate logo [7]
2019 - Completion of absorption of J&P Energy & Industrial Projects S.A. by AVAX S.A.[8]

Shareholders Structure

SHAREHOLDERS SHARE
Mitzalis Konstantinos 16,31%
JCGH Ltd 14,33%
CSME Holdings Ltd 11,28%
MMLN 12 Ltd 8,53%
Savetrans Holdings Ltd 7,83%
Honeysuckle Properties Ltd 7,71%
Other Shareholders <5% 34,00%

Source:[9]

Group Companies

  • ETETH S.A.: ETETH S.A. was established in 1961 and holds a 6th class certificate for public works. In 2001, it became a subsidiary of the AVAX Group.
  • VOLTERRA: Volterra is an alternative energy provider, engaged in the trade and supply of electricity and natural gas in Greece. It operates as a 100% subsidiary of AVAX Group.
  • AVAX DEVELOPMENT : AVAX Development S.A. was established in 1991 as a real estate development and investment company with operations in Greece and Central Eastern Europe. As a part of AVAX Group, it specializes in residential projects, including urban properties and holiday homes, while also making strategic investments in the commercial sector.
  • ELVIEX: The Hellenic Timber Impregnation Industry (ELVIEX OE) was established in 1970 and specializes in the impregnation of wooden poles. It operates as a subsidiary of the construction company ETETH S.A., which, in turn, is a subsidiary of AVAX Group.
  • AUTECO: AUTECO (Vehicle Technical Inspection Centers) was founded in 2006 by AVAX Group and operates vehicle technical inspection facilities with ISO 9001:2015 certification.
  • TASK AVAX: TASK AVAX is a subsidiary of AVAX Group and specializes in facility management services, including cleaning, maintenance, and repair services, among others.
  • Athens Marina: Athens Marina was established in 2009 with the aim of renovating Faliro Marina to accommodate mega and super yachts (ranging from 50 to 130 meters in length). It is a 100% subsidiary of AVAX Group.

Closure

Before going into liquidation, the company disposed of its stake in Queen Alia Airport in Amman, which was expected to generate more than US$100 mln in revenue.

J&P Overseas was shut down with the company accumulating damages of around US$750 mln.

The problems at J&P Overseas emerged in 2017, sending the company into liquidation, after banks rejected its restructuring proposal.[10]

Notable completed projects

J&P(O)Ltd's most notable completed projects include:

  • the Seeb International Airport in Muscat, Oman which was completed in 1976. It is the main airport in Oman and the hub for the national carrier Oman Air.
  • the King Fahd International Airport in Dammam, Saudi Arabia which was completed in 1993. It is located 15 kilometres (9.3 mi) northwest of Dammam, Saudi Arabia. It is the largest airport in the world in terms of land area (780 km2 (300 sq mi)), thus making it larger than the nearby country of Bahrain.
  • the Abu Dhabi International Airport in Abu Dhabi, United Arab Emirates. finished in 1981. It is the second largest airport in the U.A.E.
  • the Rio-Antirio bridge in Greece completed in 2004. It is a cable-stayed bridge crossing the Gulf of Corinth near Patras, linking the town of Rio on the Peloponnese to Antirrio on mainland Greece.
  • the Al Bustan Palace Hotel in Muscat, Oman.[11]
  • the Queen Alia International Airport in Amman, Jordan to be completed in 2011. The EPC (contract) for the Rehabilitation, Expansion and Operation of Queen Alia International Airport is shared between J&P(O) Ltd and J&P-AVAX SA. Works will increase the initial capacity of the airport to 9 million passengers annually and give the ability to expand to 12 million passengers annually. Also, the expansion of the airport will allow it to handle the Airbus A380.
  • Two contracts for The Pearl-Qatar[12] artificial island, in Doha, Qatar: The Roads and Infrastructure Project for the Island to be completed during 2010, and the Design and Construction of Qanat Quartier Precinct and the Construction of 31 Villas in La Plage and Bahriya Precincts to be completed during 2011.
  • Construction of the main works contract for seven maintenance hangars (A to G) along with all required facilities (workshops, power plant, stores, car parks, administration building, mosque and all services) over an area of 565,000 m2 (6,080,000 sq ft) at Dubai International Airport.
  • Additionally two further contracts were executed, one for the design, construction, supply, installation and commissioning of civil and landscaping works (both airside and landside) and the second for all works associated with the construction and commissioning of an additional hangar 'Hangar H'. Client: Emirates Airlines Consultant: ADPI Contract Value: USD 457 million Status: Completed 2010
  • Construction of a passenger terminal complex with a 6.5 million passenger per year and comprising terminal building (covered area 71,000 m2 (760,000 sq ft)), taxiways and interconnections (3,200 m × 23 m (10,499 ft × 75 ft)), aprons (150,000 m2 (1,600,000 sq ft)), car park and road works, including all electromechanical installations and external works and services. Client: Civil Aviation Authority Consultant: NESPAK Contract Value: USD 200 million Joint Venture: J&P (O) Ltd 65% - Airsys ATM 35% Status: Completed 2002 Demolition of existing interchange (2 bridges) and reconstruction of the new interchange (7 bridges) at Al Safa area on Sheikh Zayed road. The interchanges consists of two loops, two directional links in addition to four right turn ramps, re-configuration of internal roads and parking areas within the interchange limits. Also construction of road signage, landscaping, street lighting and all associated services. Client: Dubai Municipality Consultant: De Leuw Cather Contract Value: USD 15 million Status: Completed 2002


2001-2006 Rehabilitation road Woldiya -Addis Abeba (400 km) Ethiopia

Global International Contractor Rank

In 2009 the journal Engineering News-Record ranked J&P(O) Ltd as the 36th Largest International Contractor globally.[13]

References

  1. ↑ "AVAX.GR | Avax S.A. Company Profile & Executives - WSJ". https://www.wsj.com/market-data/quotes/GR/XATH/AVAX/company-people. 
  2. ↑ "Company - athexgroup.gr". https://www.athexgroup.gr/web/guest/stock-company-profile/-/select-stock/166. 
  3. ↑ Newsroom, Ypodomes com (2023-02-22). "Flagship infrastructure projects & impressive financial results ahead for AVAX Group" (in el). https://ypodomes.com/avax-flagship-projects-of-athens-metro-line-4-and-thessaloniki-flyover-take-off/. 
  4. ↑ "Conclusion of absorption of E-Construction SA and PROET SA by J&P-AVAX SA" (in en-US). https://avax.gr/en/news/oloklirosi-sugxwneusis-e-construction-kai-proetae/. 
  5. ↑ "Acquisition of Sorgenia's equity stake in Volterra" (in en-US). https://avax.gr/en/news/eksagora-simmetoxis-sorgenia-sti-volterra/. 
  6. ↑ "Conclusion of absorption of ATHENA SA by J&P-AVAX" (in en-US). https://avax.gr/en/news/oloklirwsi-aporrofisis-athina-ate/. 
  7. ↑ Roussanoglou, Nikos (2019-03-27). "Avax sets independent course with name change | eKathimerini.com" (in English). https://www.ekathimerini.com/economy/238973/avax-sets-independent-course-with-name-change/. 
  8. ↑ "10/12/2019 Conclusion of absorption of J&P Energy SA by AVAX SA" (in en-US). https://avax.gr/en/news/10-12-2019-conclusion-of-absorption-of-jp-energy-sa-by-avax-sa/. 
  9. ↑ "SHARE" (in en-US). https://avax.gr/en/investor-relations/share/. 
  10. ↑ "JP Overseas falls". https://www.forbes.com/sites/antonisantoniou/2018/11/17/construction-giant-jp-overseas-divided-it-stands-divided-it-falls/#8aa4d0c28733. 
  11. ↑ "InterContinental Hotels & Resorts | AL BUSTAN PALACE MUSCAT | Hotel Overview". http://www.ichotelsgroup.com/intercontinental/en/gb/locations/overview/muscat-albustanpalace. 
  12. ↑ "The Pearl - Qatar". http://www.thepearlqatar.com/main.aspx. 
  13. ↑ "The 2015 Top 250 International Contractors". http://enr.construction.com/toplists/InternationalContractors/001-100.asp. 

External links



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