Motor Oil buys majority stake in Helector, waste management subsidiary of Ellaktor

Motor Oil (Hellas) Corinth Refineries SA announced on Tuesday that it had agreed to purchase through its subsidiary Manetial Ltd 94.44% of Helector, a waste management and alternative fuel production company with a vertically integrated operation and a subsidiary of Ellaktor.

The value of the contract agreed is 114.7 million euros, or 185,793 shares of Helector.

Initially announced on May 22, the transaction was approved by Motor Oil’s board on Monday. Motor Oil and Ellaktor are related parties, as the former participates with a 29.87% stake in the share capital of the latter, pursuant to the articles 99-101 of the Law 4548/2018.