Hellenic Petroleum S.A., Greece’s largest petro-chemical group, on Monday announced a demerger, by way of hive-down of its refining, supply and trading of oil products and petrochemicals sector, and the establishment of a new company.
The demerger was approved by the relevant Greek ministry of development and investments.
A new entity was incorporated under the name Hellenic Petroleum Single-Member S.A. Refining, Supply and Sales of Oil Products and Petrochemicals, shortened to Hellenic Petroleum S.S.O.P.P. S.A. in a trade name form.
The demerged entity became the sole shareholder of the latter by acquiring all 130,100,000 common, registered shares issued by the former, with a nominal value of 10 euros each.