In a major move in the Greek energy market, the shareholders of ELLAKTOR Group approved the sale of 94.44% of its subsidiary Helector S.A. to Motor Oil Refineries company.
In a statement released, the company said the extraordinary general meeting approved the sale of all shares held by Ellaktor in its subsidiary Helector S.A., which corresponds to 94.44% of its total paid-up share capital, to the company MANETIAL LIMITED, a 100% subsidiary of Motor Oil (Hellas), under the terms of the Sale Agreement.
Additionally, the extraordinary general meeting authorized the board of directors to take any actions Ellaktor may require to implement and complete the deal without limitations, including any amendments to the contractual documents that may need to be executed.
Motor Oil, a petroleum industry company based in Greece focusing on oil refining and trading, is scheduled to hold an extraordinary meeting on July 17 to approve the acquisition.
With Motor Oil’s buyout of Helector the company is continuing its dynamic foray into the cyclical economy positioning itself in the Greek energy market.
Helector is one of the leading companies in Southeast Europe, with expertise in waste management and power generation. The company is active in the whole spectrum of the Design, Construction, and Operation of modern waste treatment plants, alternative fuel production, and biomass exploitation.
In 2023 the company operated 4 urban waste management plants with an annual processing capacity of more than 700,000 tones. It also operated 2 medical waste management systems, as well as four Biogas power plants generated in landfill sites.
