Announcement of Business Developments
MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. hereby announces that it entered into a Sale-Purchase Agreement for the acquisition of all shares issued by the company under the legal name ELIN VERD S.A. for a total consideration amount of Euro 15.4 million.
ELIN VERD S.A. was founded in the year 2005 and engages in the production and trade of biofuels. The company is in possession of a biodiesel production plant located at the B’ Industrial Area of Volos. Moreover, ELIN VERD S.A. has its own company (PRASINO LADI S.A.) which engages in the collection of used cooking oil and is the market sector leader.
The completion of the transaction is subject to certain conditions precedent to be fulfilled, inter alia, its approval by the Hellenic Competition Authority. MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. will provide update to the investment community in relation to the development of the transaction with subsequent announcements or through the interim and the yearly financial reports.
Maroussi, 30 August 2022
The Board of Directors