Hellenic Republic Asset Development Fund (HRADF) on Wednesday launched an international tender to sell a majority stake in oil refiner Hellenic Petroleum.
In an announcement, HRADF said it will sell at least 50.1 percent in the refiner following an agreement between Hellenic Petroleum’s two major shareholders -HRADF and Paneuropean Oil and Industrial Holding (Latsis Group) to sell a combined 50.1 pct stake in the refiner. Interested investors must submit expressions of interest by May 18.
The tender process will be made in two phases: a pre-selection phase and a binding offer phase.
Hellenic Petroleum is one of the two group in the energy market on Southeastern Europe, with established presence in six countries and a significant export activity representing more than 50 pct of total volume of sales. Hellenic Petroleum’s shares are listed in the Athens Stock Exchange and the London Stock Exchange.