Motor Oil Hellas acquires Alpha broadcasting business

In the same extraordinary meeting, among the business goals added to the group's statute, was also the establishment or participation in media companies, an addition that became relevant only one week after the announcement of the acquisition of 50% of Alpha television and radio.

Concerning the agreement, the following should be clarified:
The total amount of the transaction for Motor Oil reaches € 33 million and consists of the consideration of € 21,477 million for the acquisition of Alpha Satelite shares and the amount of € 11,523 million to be paid through Nevine Holdings.

MOH participates in the transaction through the 100% Cypriot subsidiary Seilla Enterprises ltd. Nevine Holdings (holding 50.1% of Alpha Satellite) will own 1002 of the 2000 shares and Alpha Media Group 998.

However, two shares will be personally assigned to Mr. D. Kontominas and therefore the ratio will be 50% -50%. The CEO appointed by the MOH subsidiary will be responsible for day-to-day management.

The reasons
According to sources from the Motor Oil Group, the decision is part of the broadening of the group's business footprint. In recent months, MOH has moved into the electricity and gas markets, in logistics, trading and infrastructure sectors.

These are complementary movements that create synergies with the traditional business of the group in refining and trading of petroleum products.

The entry into the Alpha broadcasting station, as noted by MOH, is in line with this, given that more emphasis is now being placed on retail activities.

This means that there is an increased need for communication and marketing and, consequently, significant synergies are created with a group active in Broadcasting Media. As far as the choice for Alpha is concerned, sources from MOH note that this is a "clean channel without financial burdens".

The legitimate question raised about Star TV is that Star and Alpha remain two distinct channels with no relationship, not even ownership, since Alpha's participation is through Motor Oil Hllas while Star belongs to members of the Vardinoyannis family. In this context the two channels maintain separate organization, administration, autonomy and operation, is emphasized.

Changes
It is recalled that last week the MOH General Assembly approved a series of changes to its statutes related to its corporate objectives including activities such as logistics, green energy, financial sector, sustainable development, green economy, social actions and SMEs.

As the management has stated, the group's moves are part of the Group's intention to capitalize on both the improvement of the economic environment and the opportunities that have been created in the Greek market.

At the same time, moves such as entering the additional energy markets for electricity and natural gas come as a natural continuation of the main activity of refining and trading of petroleum products.