Petrola

EFG Eurobank Ergasias SA, Lead Underwriter and Bookrunner of the Initial Public Offering of PETROLA HELLAS SA, announces that the price range within which the Offer Price of the shares will be determined has been set between EURO 6.00 and EURO 6.60 per share. The drachma equivalent of the price range is between GRD 2,045 and GRD 2,249 per share, according to the rounding-up rules defined by article 2 of Law 2842/2000. The Offer Price will be determined within the above specified range upon completion of the Initial Public Offering, on the basis of the demand expressed by Institutional and Private Investors, through a book building procedure.
The price range was defined through a premarketing procedure to Institutional Investors, Research Analysts and Underwriters. The following factors were considered for the determination of the price range: Greek and international capital market conditions, valuations of Greek and international comparable companies, estimates of equity brokerage firms pertaining to the value of the company, and international best practice on the pricing of new issues of shares. According to the price range stated above, the pre-tax price to earnings (P/E) ratio for the year 2000* is set between 6.87 and 7.56, based on the weighted number of shares for 2000. *estimate--------------------------------------------------------------------------
Petrola Hellas SA was established in 1969 and is a member of the Latsis Group. The company is involved in the production, storage and distribution of oil products both in the domestic market and abroad. Today the company controls 25% of the domestic refinery capacity (5m tonnes pa). Petrola has the largest storage capacity in Greece (3.3m m3) – accounting for 34% of the total domestic storage capacity - and in East Mediterranean, while it also ranks high on a pan-European level The company enjoys a strong market position, controlling 22% of the domestic refining market. It recently announced a four-year capital expenditure programme worth US$700m to improve its product mix and triple margins.