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“Minoan Lines” was established in 1972 with initial capital 40 million drachmas (€117,400). It started business, having in possession 1 ship. Now, however, its fleet has reached the number of 13 ships.
In 1998, the firm started trading public, raising €45,16 million from the IPO.
The company all those years has achieved a high growth and materialized a huge investment plan, renewing its fleet of ships.
CORPORATE GOVERNANCE
The biggest stockholder for Minoan Lines is Attica Group with a share of 22,25%. The remaining 77,75% is spread to the rest of the stockholders. We should mention here that no one of the rest of the stockholders has more than 5% of Minoan’s stocks.
Each of the members of the board holds less than 5% of Minoan stocks. Hence, the power of the board does not come from the stockholdings. The power of the board comes from the fact that Minoan Lines is widely dispersed, which means that it is not easy for the stockholders to put pressure on the managers so as to alter their management ways. This does not mean that the board does not take into consideration what stockholders want. Minoan Lines is a very popular firm with a huge base of stockholders, especially in Crete. This means that the press and the local society exert pressure and criticize Minoan’s board decisions.
(Source: Minoan.gr)
Firm and Financial Markets
Minoan Lines is one of the largest and most famous firms in Greece. Many analysts especially from stock exchange companies and from the bank stock exchange department watch the firm. Hence, much information and estimates about future growth and earnings are available from them.
Apart from that Minoan Lines provides ...