Evangelos Mytilineos, the Greek energy and metals magnate, is on a mission to take his family’s eponymous conglomerate, Mytilineos Holdings, to the London Stock Exchange. The Athens-listed company, recently rebranded as Metlen Energy & Metals, generates around £5.44 billion annually, primarily from constructing energy infrastructure and mining aluminium.
Mytilineos, who holds a personal stake worth approximately £850 million in the £4.7 billion company, is determined to attract UK investors. The relisting would provide a much-needed boost to the FTSE, which has struggled with a lack of floats and a US exodus in recent times. Metlen employs 6,500 people across 40 countries, with the UK being one of its biggest markets.
The company has secured £2.15 billion worth of contracts in Britain, including a £1 billion deal to build parts of a sub-sea cable link from Scotland to Durham and the construction of the largest solar farm in Kent. The planned relisting will require Metlen to adhere strictly to UK corporate governance standards.
Mytilineos asserts that the company is now compliant with 80% of the UK’s corporate code, demonstrating its commitment to transparency and accountability. Despite the challenges faced by the London Stock Exchange, Mytilineos remains bullish on the market’s potential. He believes that the City of London has seen the worst post-Brexit and is poised for a resurgence. The relisting process has not been without its challenges, particularly the decision to change the company’s name from Mytilineos Holdings to Metlen.
The move, prompted by concerns over the pronunciation of the family name among English speakers, was an emotional one for Mytilineos. As Metlen prepares for its London debut, the company’s focus on international expansion and its strong presence in the energy and metals sectors position it well for future growth. With Mytilineos at the helm, Metlen is set to make waves in the UK market and beyond.
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