09 Sep 2022
minutes read

Announcement of Business Developments: signing of the Sale and Purchase Agreement (SPA) between the companies MORE and ELLAKTOR S.A.

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (the Company) following the decision taken by its Board on 4 August 2022 to grant a special permission allowing its wholly owned subsidiary MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. (MORE) to proceed with a transaction with related parties (ELLAKTOR S.A.), pursuant to the articles 99-101 of the Law 4548/2018, and the decisions of the Extraordinary General Assembly of Company shareholders convened on 8 September 2022 which approved a) the transaction between MORE and ELLAKTOR S.A. for the acquisition of 75% of ELLAKTOR’s RES sector from MORE and b) the signing of the Sale and Purchase Agreement (SPA) and the Shareholders’ Agreement (SHA) between MORE and ELLAKTOR S.A. hereby announces the following:

The above-mentioned Sale and Purchase Agreement with counterparties the companies MORE and ELLAKTOR S.A. was signed on 8 September 2022.

The completion of the transaction is subject to the completion of ELLAKTOR’s RES sector spin-off, the approval by the Hellenic Competition Commission, and the attainment of all other approvals and permits required by law.

The Company 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, 9 September 2022

The Board of Directors