Greek privatization fund TAIPED and the Latsis group’s Paneuropean Oil & Industrial Holdings, the two main shareholders of Helleniq Energy, formerly named Hellenic Petroleum (ELPE), appear to have decided to list a further 20 percent stake of the company’s shares on the Athens stock exchange.

TAIPED currently holds a 35.48 percent stake of Helleniq Energy, and Paneuropean Oil & Industrial Holdings holds 17.4 percent, while 17.4 percent of Helleniq Energy’s shares are already being traded on the Athens bourse.

Discussion regarding the additional allocation of a bundle of Helleniq Energy shares on the Athens stock exchange began as part of broader strategy pursued by the privatization fund to optimize the company’s shares that are publicly traded.

A further privatization effort in 2019 did not succeed and, since then, TAIPED has sought the best possible way to exploit this asset.

According to sources, the privatization fund and Paneuropean Oil & Industrial Holdings will each contribute 10 percent stakes in Helleniq Energy to the listing.

The intention of this move is not to lure a strategic investor but, instead, to increase the company’s free float, the sources added.

Just months ago, Helleniq Energy’s management suggested the company’s share price does not reflect the true value of the energy group. Also, the company’s restructuring and Vision 2025 investment plan, now being implemented for greater emphasis on green-energy activities, have so far failed to boost the share price of the energy group.

The latest plan, sources noted, will seek to deliver more goodwill to shareholders and reflect the group’s true value on the board.