On Friday September 23, 2016, the Boards of Directors of (i) the Belgian limited liability company Cenergy Holdings SA, a non-listed subsidiary of Viohalco S.A., and (ii) Viohalco’s affiliated Greek holding companies, Corinth Pipeworks Holdings S.A. and Hellenic Cables Holdings S.A., both listed on the Athens Exchange, being hereinafter collectively referred to as the “Absorbed Companies” and together with Cenergy Holdings referred to as the “Merging Companies”, decided to proceed with a cross-border merger by absorption by Cenergy Holdings of Corinth Pipeworks Holdings and Hellenic Cables Holdings, in accordance with article 772/1 and following of the Belgian Companies Code and the Greek Law 3777/2009 in conjunction with the Greek Codified Law 2190/1920, each implementing Directive 2005/56/EC of the European Parliament and the Council of 26 October 2005 on cross-border mergers of limited liability companies. Both Cenergy Holdings and the Absorbed Companies are companies with no production activity.
The Cross-Border Merger will enable CPW Holdings and Hellenic Cables Holdings to group their financial leverage and business outreach, and thus to provide to the underlying industrial companies in Greece and abroad solid sponsorship and reliable reference when bidding for demanding international projects or seeking access restricted international financing. As a listed company, both in Brussels and in Athens, the company will present the international investor community with an opportunity to invest in a promising business sector under conditions of increased visibility and scrutiny. The ability of the company to access the international financial markets will help consolidate the underlying industrial Greek companies' achievements and secure long term employment for their highly qualified workforce. It will also help enhance their competitiveness and confirm their development and investment prospects.