RF Energy announced the sale of its subsidiaries Kallisti Energiaki S.A., Aioliki Aderes S.A., Aiolilki Kylindrias S.A. and Hydroelektriki Achaias S.A., to Elsewedy Electric Tripoli, Ermionida, Kilkis and Aigialeia for € 55m,.

RF Energy, a 50% subsidiary of FG Europe, announced that on 13/6/2019 has signed the sale of all 100% of its subsidiaries, Kallisti Energiaki S.A., Aioliki Aderes S.A., Aioliki Kylindrias S.A., and Hydroelektriki Achaias S.A., to Elsewedy Electric Tripoli Μονοπρόσωπη A.E, Elsewedy Electric Ermionida Μονοπρόσωπη A.E., Elsewedy Electric Kilkis Μονοπρόσωπη A.E. και Elsewedy Electric Aigialeia Μονοπρόσωπη A.E., respectively.

The total consideration amounts to € 55 million. These agreements are expected to be completed on 28/06/2019 and are subject to the usual conditions for concluding similar transactions.

As agreed, RF Energy will retain the administration and the asset management of the above companies. The Purchasers are 100% subsidiaries of the Cypriot company EL.E Energy Limited which in turn is a 100% subsidiary of the Egyptian company Elsewedy Electric S.A.E. listed in the Cairo Stock Exchange.