Kazakh companies to control 40 percent of Petrolinvest

MAG
16-09-2008, 12:17

Warsaw (Puls Biznesu) – Ryszard Krauze company will exchange shares with Kazakh partners. Investors like the new merger plan.

Petrolinvest was yesterday one of the best performers on the Warsaw Stock Exchange. Its shares rose 5.9 percent while the market dropped 3.6 percent. Petrolinvest changed the conditions of the contracts signed in January and February with Kazakh companies. According to these contracts, Petrolinvest will increase its stakes paying with its own shares. Originally, the price of the newly issued shares was estimated at PLN 320 (EUR 95.4) and PLN 310. Because Petrolinvest shares have dived, the company changed the issue price to PLN 225. Yesterday, the stock traded at PLN 130.3.

“This is the average value of the stock since January. Besides, the price is close to the IPO level”, Pawel Gricuk, Petrolinvest CEO said.

When all transactions are concluded, Kazakh firms will have less than 40 percent of Petrolinvest.

In October, Petrolinvest will conclude transactions with Occidental Resources, Emba Yug Nieft and Caspian Services. As far as Capital Energy and Kazakhstancaspishelf JSC are concerned, there are still negotiations going on but they may be concluded in October as well.

(PLN 1 = EUR 0.298)

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Podpis: MAG

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