A previously scheduled annual general assembly of shareholders of Hellenic Petroleum (Hel.Pe), the country biggest petro-chemical conglomerate, was postponed on Wednesday for next month, following a request by a major shareholder, the Latsis group.
By G. Kanoupakis
A previously scheduled annual general assembly of shareholders of Hellenic Petroleum (Hel.Pe), the country biggest petro-chemical conglomerate, was postponed on Wednesday for next month, following a request by a major shareholder, the Latsis group.
Hel.Pe President Stathis Tsotsoros told 179 shareholders representing 84.4 percent of the group's share capital that the holding company Paneuropean requested the postponement in order to allow discussions between the state and the Latsis group to continue.
Although no official clarifications were provided, according to sources, the Latsis side is exerting pressure on the state over the stalled Helleniko real estate project and over its demand for greater representation on Hel.Pe's board of directors.
Lamda Development, which is controlled by the Latsis Group, heads up the international consortium awarded the massive land development project in southeast coastal Athens. The latter, however, has been mired in ubiquitous Greek bureaucratic "red tape" for nearly a year now, following the ratification of the privatization by Parliament.
Only two Latsis group representatives serve on Hel.Pe's 13-member board of directors, although the former possesses 45.47 percent of the petro-chemical group's share capital. The other major shareholder is the Greek state, which appoints Hel.Pe's top management.