Revoil sells subsidiary in shipping sector

Revoil -a Greek-listed petrol company- announced it has sold its subsidiary Ariston, a shipping company, to Vari Navigation Ltd for 185,000 US dollars.

Vari Navigation Ltd, based in the Marshall Islands, is owned by Evangelos Roussos, chairman of Revoil. The sale was approved by a regular general shareholders meeting held in June 30, 2016.

In an announcement, Revoil said “with the sale of the subsidiary company, Revoil was taking off the burden of a loss-making activity and was focusing on its core business of petrol retail that have established the company as one of the biggest players in the market, with a market share of more than 10 pct”.