April 19 (SeeNews) - Greece has launched a tender process for the sale of a stake of no less than 50.1% in Hellenic Petroleum, a leading energy group in Southeast Europe (SEE), the country's privatisation agency, HRADF, said.
Hellenic Petroleum's business in SEE comprises networks of filling stations in Bulgaria, Serbia and Montenegro operating under the EKO brand, as well as the OKTA oil refinery in Macedonia.
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The international public tender process will be conducted in two phases, a pre-qualification phase and a binding offers phase, Hellenic Republic Asset Development Fund (HRADF) said in a press release on Wednesday.
Ιn the pre-qualification phase, HRADF invites investors to submit expressions of interest according to the terms of the invitation by May 18. Shortlisted investors who meet the pre-qualification criteria will then be invited to participate in the second phase that includes the submission of binding offers.
Hellenic Petrol activities also include fuels marketing, petrochemicals production, power generation, oil and gas exploration and production, renewable energy, consulting and engineering services.
The shares of Hellenic Petroleum are primarily listed on the Athens Exchange with a secondary listing on the London Stock Exchange. The biggest shareholder of Hellenic Petroleum is Luxembourg-based Paneuropean Oil and Industrial Holdings (POIH) with a 45.47% stake and Greek state through HRADF with a 35.48% stake. The remaining stake of 19.05% is in free float and is held by institutional and private investors, HRADF said.
HRADF also said that it and POIH have agreed to divest jointly a combined majority stake representing at least 50.1% of the share capital of Hellenic Petroleum through an international open tender process, to be carried out by HRADF. The exact percentage and number of Hellenic Petroleum shares to be jointly disposed of by the sellers shall be specified in the request for binding offers.