Банкеръ Weekly

Briefs

NAFTEX PETROL PURCHASED BY PETROL

At the extraordinary meeting of Petrol AD, held on September 5, the shareholders made a decision to issue bonds worth BGN25MN. They entitled the company's Management Board to take decisions about bond loans up to BGN100MN for a period of up to 5 years. The bond loans will be used to finance the core operation of Petrol AD. Another important decision of the general meeting was that the company would buy 95,411,760 shares, representing 100% of Naftex Petrol's capital. So far 99.4% of that company was in the hands of Naftex Bulgaria Holding (formerly Yukos), controlled by Mitko Sabev. The holding and the company Ross Oil (owned by it), which hold more than 92% of Petrol's capital, were not entitled to vote when making the decision about that deal as article 114a of the Public Offering of Securities Act regards them as partial persons. Both Petrol AD and Naftex Petrol are within the structure pf Naftex Bulgaria Holding. Thus, the decisive vote was in the hands of the minority shareholders, who approved the deal with three quarters of the representatives at the general meeting. The minority owners of the top local distributor of fuels are about 3,500 natural persons and some 10-15 juristic persons. However, only about 20 of them attended the general meeting on September 5. By that purchase Naftex Petrol wants to increase the consolidated profit of Petrol AD. The payment of the deal will be probably deferred.Naftex Petrol is a wholesale supplier of fuel and sells some 30,000 tons per month, which is almost one third of the monthly consumption in this country. Its 2002 sales were worth an aggregate BGN355MN. Petrol's turnover for the first half of 2003 amounted to BGN162.4MN. But the privatized enterprise's profit dropped 8-fold, in the first six months of 2003 as compared to the same period of 2002 and totalled BGN1.2MN. Petrol AD has 445 filling stations and 74 petrol facilities. According to the company's managerial team, it holds about 25-30% of the domestic fuel market. Despite the company's falling financial results, it is a leader in the rating of Varna-based companies according to that indicator. The initiative for that ranking was of the auditing firms Active and APEA Plan, which intend to make it each year.

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