PRESS RELEASE

PRESS RELEASE

 

RF ENERGY S.A., 50% subsidiary company of F.G. EUROPE S.A., announces that on 13/06/2019 it has signed share sale agreements with the companies EL SEWEDY ELECTRIC TRIPOLI SINGLE MEMBER S.A., EL SEWEDY ELECTRIC ERMIONIDA SINGLE MEMBER S.A., EL SEWEDY ELECTRIC SINGLE MEMBER KILKIS S.A. and EL SEWEDY ELECTRIC AIGIALEIA SINGLE MEMBER S.A. for the entire shareholding of its 100% subsidiary companies, KALLISTI ENERGIAKI S.A., AIOLIKI ADERES S.A., AIOLIKI KYLINDRIAS S.A. and HYDROELECTRIKI ACHAIAS S.A., respectively.

The total price amounts to € 55.0mil. The abovementioned agreements are expected to be completed on 28/06/2019 and are subject to the normal conditions for completing similar transactions.

As agreed, R.F. ENERGY S.A. is provided to maintain the management and administration of the abovementioned companies' assets through an Asset Management Service Agreement. The purchasers are 100% subsidiary companies of the Cypriot company EL. E. ENERGY LIMITED, which in its turn is a 100% subsidiary of the Egyptian company ELSEWEDY ELECTRIC S.A.E., listed on the Stock Exchange of Cairo.


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