CSE takes 10% stake in Greek energy exchange EnEx
The Cyprus Stock Exchange is diversifying into the energy sector by taking a 10% stake in the Greek Energy Exchange Group (EnEx), the new platform set up for the trade of derivatives and intra-day electricity contracts.
The strategic investment, at a cost of EUR 500,000, will also secure the CSE a seat on the EnEx board, joining the Athens Stock Exchange (ATHEX) with a 21% stake and the European Bank of Reconstruction and Development (20%).
The other principal stakeholders in EnEx are the Greek renewables operator DAPEEP A.E. (formerly Hellenic Electricity Market Operator, LAGIE) with a 22% stake, the Chinese-controlled ADMIE A.E. (Independent Power Transmission Operator - IPTO) with a 20% stake and the Italian-controlled gas grid operator DESFA. The deal was signed in Athens by ATHEX CEO Socrates Lazarides and CSE Chairman Marinos Christodoulides.
Nikos Tripatsas, Acting General Manager of the CSE told the Financial Mirror in an interview in November that the Cypriot bourse’s board is focusing on building markets in innovation fields such
Veteran broker Louis Clappas, CEO of One Plus Capital and honorary President of the CSE Members Association said that for the CSE to get back on the horse, a bond market should be created, where the very-attractive-to-investors, six-year government bonds could be negotiated.
“Furthermore, if for example, companies like OPAP (sports betting) issue bonds this would attract great interest. If a bond market was set up in the CSE, they would certainly do well, contributing at the same time to the growth of the Stock Exchange.”
Clappas referred to potential growth with the inclusion of semi-state corporations after a possible privatisation process is completed.
“For the moment, the CSE should concentrate on bringing in companies such as the firm which is operating the casino and create a market for companies active in the energy sector,” said Clappas.
Tripatsas added that the CSE is working towards bringing in the company running the casino and would like to see the companies running the island’s marinas list on the stock exchange as well.