Athanor Equities acquires stake in Flora EcoPower
Munich, December 12, 2008. Luxembourg based renewable energy group, Athanor
Equities (Athanor), plans to purchase a majority stake in Munich based biogenous oil
manufacturer, Flora EcoPower Holding AG (FEP). Athanor has already acquired 28
percent of the FEP stock from former principal shareholder SBFTC and has pledges
for purchasing a further 23 percent. The transaction is intended for completion in the
near future. The annual general meeting of December 9 ratified a motion to expand
the supervisory board to six members and elected Philippe Perret and Jean-Marie
Santander, both Athanor Executive Board members, to the Supervisory Board. The
Main Stockholders’ Meeting additionally endorsed an equity capital increase of as
much as €28.75 million, up to €54.88 million.
Athanor’s commitment opens up new opportunities for both companies, such as
FEP’s planned role of providing global coverage for Athanor’s biogenous oil interests
- which will include the cultivation, production and the sale of castor and jatropha oil.
At the same time, FEP will gain access to new capital and markets. Intensive
cooperation in various areas is planned in the framework of this projected long term
Athanor specializes in renewable energies and is one of the fast growing enterprises
in this sector. The company, which is based in Luxembourg and listed on the
principality’s stock exchange, has a market capitalisation of ca. €220 million and
extensive experience in solar energy, biomass and wind power. Athanor is also
seeking investments in the hydro-power segment and is fast becoming a leading
electricity generator in the renewable energies sector.
“Athanor’s investment is an important step forward and confirms our internationally
aligned growth strategy,” says FEP chief executive, Peter Korak. “With Athanor’s
support, we want to become Europe’s Number 1 player on the biogenous oil market.
This is one of the grounds for the