PETROL AD TO ISSUE EUROBONDS WORTH EUR125MN
At an extraordinary meeting of Petrol AD, scheduled for May 8, 2006, its shareholders will vote a decision for issuing eurobonds of EUR125MN par value and a 5-year maturity. The company wants to sell the issue at the primary international market and also register it for trade on the regulated foreign market.
If the there is no quorum, the meeting will be postponed for May 23 and will be held with the agenda unchanged. April 19 is the deadline for closing deals in the company's voting shares.
The net consolidated profit of Petrol AD for 2005 is BGN10.75MN, down from BGN14.48MN for 2004. Petrol Holding AD is the company's majority owner, with a 75.18% stake.
In December Naftex Oil Shipping Corporation Ltd. - United Arab Emirates acquired 18.84% of the company from Naftex Petrol EOOD. The remaining stocks are in the hands of other juristic persons, the State (represented by the Economy Ministry), and private shareholders.
An issue of 5-year bonds of Petrol AD, maturing on November 20, 2008 bearing a 8.375% yield are also traded on the BSE-Sofia.