Motor Oil purchases Helector

Motor Oil (Hellas) Corinth Refineries 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 Helector shares. 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.