On 7.10.20 the company (last €6,58, outstandind shares 103,423,291 market cap €680 mln) announced that the consortium Mohegan - GEKTerna has submitted a financial offer of €150 mn for the 30-year casino license at the Hellinikon site, sharply higher than the minimum one-off payment of €30mn tender terms of the Gaming Commission. The tender process could be concluded even within October, despite the fact that the final purchase agreement could take some months to be finalized. Final steps are the signing of the agreement with the State and the ratification of the agreement by the Court of Audit and then by the Greek Parliament. The finalization of the tender paves the way for the development of Helliniko Project, the largest private investment that is currently under way in Greece.

Stock chart
We revisit the longer term weekly chart of GekTerna after sometime. Due to the pandemic breakout, the stock retreated rapidly from the historical highs of €9.0 in early 2020 to the low of €3.70 in mid-March 2020 where strong buying interest appeared resulting to a rebound and stabilisation in the €6.0 - €6.50 range. The overall fluctuations of the last few months and especially the volatility of the period Feb - June 2020 resulted to the detection of a large "diamond" consolidation pattern named ABCD. Nowadays, the formation is almost completed and it is important to see additional buying interest with increased volumes otherwise, a new upward leg will be postponed and further sideways move of the stock will follow resulting to the cancellation of the "diamond" pattern.

The chart has been prepared with XSpot PRO terminal. XSpot PRO offers fast execution in 13,000+ investment products from 20+ major exchanges around the world.