Greece and Paneuropean Oil & Industrial Holdings were expected to sell around a combined 10% stake in Greece’s biggest oil refiner Helleniq Energy HEPr.AT via a book-building process on Thursday, a source from the country’s privatisation agency said.

Paneuropean Oil, owned by the Latsis family, now holds 47% in Helleniq, with Greece’s privatisation agency HRADF owning 35.5%. The rest of the shares are publicly traded.

“The books for the private placement of a stake of about 10% will most probably open and close today,” a senior HRADF official told Reuters on condition of anonymity.

The Latsis family was not immediately reachable for a comment.

HRADF told Reuters in October it was exploring ways to monetise its listed holdings, such as Helleniq Energy HEPr.AT, via capital markets.

Greece tried to sell a majority stake in Helleniq in 2019 but failed to attract any bids.
Source: Reuters (Reporting by Angeliki Koutantou; Editing by Jan Harvey)