Joannou & Paraskevaides

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.

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.

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.

By Nikos Roussanoglou