Cenergy

Greek energy market attracting major interest at London roadshow

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Foreign funds are expressing major investment interest in Greece’s renewable energy market as well as the country’s plan for green energy transportation from the Middle East, while major international energy groups appear extremely interested in Greek upstream developments and the ongoing transformation of Greece as a natural gas hub, a series of one-on-one and group meetings between highly ranked officials of Greek energy groups and international investors have highlighted following the first day of a roadshow in London.

The London event, co-organized by the Athens bourse and Morgan Stanley, has already indicated that 2023 could be a bumper year for foreign investments in Greece’s energy sector.

Of 29 Greek companies taking part in the road show, ten hail from the energy sector, a representation highlighting the strong international investment interest in Greece’s energy market.

Power grid operator IPTO’s ADMIE Holdings, Cenergy, Ellaktor, Elvalhalcor, Helleniq Energy, Motor Oil, Mytilineos, PPC, TERNA and Viohalko, the ten Greek energy groups taking part, will hold further meetings with investors today. These sessions could lay the foundations for new deals.

Over 300 meetings are scheduled to take place at the London event. Many of these will purely focus on energy matters.

 

Cenergy approves Corinth Pipeworks, Hellenic Cables absorption

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Cenergy Holdings SA, a Belgian public limited liability company, has announced that a cross-border merger by absorption by Cenergy Holdings SA of the Greek listed companies Corinth Pipeworks Holdings S.A. and Hellenic Cables S.A. Holdings Société Anonyme, has been approved by the shareholders’ meeting of Cenergy Holdings SA on December 7, 2016 and by the shareholders’ meetings of the two absorbed companies on December 8, 2016.

As a result of the cross-border merger, all assets and liabilities of Corinth Pipeworks Holdings S.A. and Hellenic Cables S.A. Holdings Société Anonyme, will be transferred to Cenergy Holdings SA and all operations of the absorbed companies carried out from August 1,  2016 will be considered, for accounting and tax purposes, as carried out for the account of Cenergy Holdings SA.

As a consideration for the transfer of the assets and liabilities of Corinth Pipeworks Holdings S.A. and Hellenic Cables S.A. Holdings Société Anonyme, the shareholders’ meeting decided to increase the share capital of Cenergy Holdings SA by the amount of EUR 117,830,672.38, in order to increase the total share capital from EUR 61,500 to EUR 117,892,172.38, through the issuance of 190,135,621 shares of Cenergy Holdings SAand bring the total number of shares to 190,162,681 shares.

According to the draft terms of cross-border merger, the exchange ratio of the shares of the companies involved in the cross-border merger, on the basis of the valuation of such companies adopted by the boards of directors of Cenergy Holdings SA, Corinth Pipeworks Holdings S.A. and Hellenic Cables S.A. Holdings Société Anonyme, corresponds to one Cenergy Holdings SA share for:

(i)         1 share ofCorinth Pipeworks Holdings S.A.; and

(ii)        0.447906797228002 share of Hellenic Cables S.A. Holdings Société Anonyme.

Timeline of the completion of the cross border merger

In accordance with the draft terms of cross-border merger, the shareholders of Corinth Pipeworks Holdings S.A. and Hellenic Cables S.A. Holdings Société Anonyme have an option to elect receiving their whole new shares in Cenergy Holdings SA through a custodian other than the Hellenic Central Securities Depository S.A. (AthexCSD), by submitting a special form of declaration. Cenergy Holdings SA announces that, as of the date of this announcement, such election form of declaration has been published on the website of Cenergy Holdings SA (www.cenergyholdings.com) and the absorbed companies (www.cpw.gr and www.cablel.com). The period for exercising the election right has been set as starting from December 8, 2016 and expiring on December 16, 2016.

 

New energy project giant Cenergy eyeing global prospects

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Cenergy, a new Viohalko corporate group energy-sector company recently established through a merger deal involving Corinth Pipeworks and Hellenic Cables, faces the challenge of vying for and securing multi-million euro deals amid an extremely competitive environment that nevertheless offers considerable prospects.

The new company established by the merger is worth over 700 million euros in turnover and an operating profit of 63 million euros, based on financial data covering 2015.

The combined strength offered by this merger enables its participants to target major international energy-sector ventures being developed by energy giants. Companies of such stature demand top-grade financial guarantees, advanced technical knowhow and experience to entrust new suppliers.

Through their new partnership, Corinth Pipeworks and Hellenic Cables will be able to vie for larger projects which they would normally not be in a position to take on alone. Their access to better financing deals will also be made easier, while the partners stand as a more attractive and competitive business prospect for major international players.

The development prospects of international interconnection projects over the next few decades stood as a key incentive behind this merger decision. According to forecasts for 2050, the world’s population is expected to reach 9 billion; electricity production will double; demand for interconnection projects in Europe will rise as a result of the region’s energy security policy; while renewable energy and natural gas demand will rise as a result of the international climate change agreement reached in Paris late last year.

Cenergy will focus on projects in Europe, the Mediterranean, Africa and North America. The new company is expected to bid on prospective natural gas projects such as the IGB, TANAP, Turkish Stream, Nord Stream 2, BRUA and Eastmed.  In the electricity sector, projects being eyed by Cenergy include the Greek power grid operator IPTO’s interconnections for Crete and other Greek islands, North Sea interconnections, as well as network development in countries such as the Germany, Norway and the UK.

The two companies involved in the merger already employ 1,900 persons and are expected to hire more personnel.