HELLENiQ ENERGY Seeks to Increase Company’s Free Float
HELLENiQ ENERGY’s stakeholders have decided to list an additional 20% of the company’s shares on the Athens Stock Exchange (ATHEX) with the aim of increasing the company’s free float.
The Greek privatization fund TAIPED and Latsis Group’s Paneuropean Oil & Industrial Holdings, the two main shareholders of HELLENiQ ENERGY, will each contribute 10 % stakes in HELLENiQ ENERGY to the listing.
The decision of listing additional shares of HELLENiQ ENERGY on the Athens Stock Exchange began as part of a broader strategy pursued by the privatization fund to optimize the company’s shares that are publicly traded.
HELLENiQ ENERGY is one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and a presence in six countries. The Group’s main activities include refining, supplying, and trading petroleum and petrochemical products. This is in addition to fuels marketing both in Greece and internationally, renewable energy sources, power generation and trading, as well as supply, distribution, and trading of natural gas.
Despite a slight weakening of the international refining environment, HELLENiQ ENERGY reported strong results in 1Q23 with Adjusted EBITDA at €404 million and adjusted net income at €252 million.
The Group is rapidly transforming itself, based on its new strategic business plan for sustainable growth, called ‘Vision 2025’ which aims to increase the use of renewable energy, reduce greenhouse emissions, and digitalize and modernize its refiners.
