Motor Oil Group held an emergency shareholders meeting providing consent for a) the purchase from the company MANETIAL LIMITED, a 100% subsidiary of MOTOR OIL (GREECE) CORINTH REFINERIES SA, of all the shares owned by ELLAKTOR SA, issued by HELECTOR SA, which represent 94.44% of the latter’s share capital and, b) the drawing up of the Share Purchase Agreement between the company MANETIAL LIMITED, a 100% subsidiary of MOTOR OIL (HELLAS) REFINERY CORINTH SA, and ELLAKTOR SA.
Upon completion of the agreement, consent was given by the shareholders for the completion of the acquisition of 94.44% of HELECTOR by the Motor Oil Group and the drawing up of the Purchase and Sale Agreement.
Tzannetakis: The proposal to acquire Helector is consistent with our strategy
The deputy CEO of Motor Oil, Petros T. Tzannetakis, stated:
“The proposal for the acquisition of HELECTOR is consistent with our strategy and complements the acquisition of Thalis by the Group, two years ago.
In particular, Motor Oil acquires 94.44% of HELECTOR SA. ENERGY and ENVIRONMENTAL APPLICATIONS, for a total price of 114,731,111.11 euros.”
Asked whether the Group will be affected by the taxation of excess profits, Tzannetakis replied: “It is about over-taxation of our profits. And I will refer to two specific parameters that differentiate Motor Oil from any other Greek company listed on the stock exchange. Firstly, the gains are largely due to the international situation of the last two years. We are an international company. A refinery with a clear export orientation since our establishment. From 2018 through the first quarter of 2024, only 19%-24% of our sales are domestic sales. The rest of the percentage corresponds to international sales. Secondly, Motor Oil has made investments. From 2019 to 2022, we made investments of 682 million euros in the refinery alone, mainly for its modernization. If we add the investments in the refinery in 2023, the amount reaches 890 million.
