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Ceturtdiena 19.01.2017 | Name days: Alnis, Andulis
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Euromin owns 99.082% of Ventspils nafta stocks

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

Roberts Kirkups

Following the conclusion of the expressed mandatory stocks buy-back offer, Ventspils nafta (VN) shareholder Euromin Holdings (Cyprus) Limited (Euromin) has earlier in the month bought 0.0047% more VN stocks. Now, Euromin owns 99.082% of VN stocks.

According to Euromin’s report to Nasdaq Riga stock Exchange, the company purchased 4,877 shares or 0.0047% of VN’s capital for EUR 22,239 between December 30 and January 6.

Currently, Euromin owns a total of 103 520 643 VN stocks or 99.082% of its stock capital.

The total number of vote-ready stocks of Ventspils nafta is 104,479,519.

On December 2 2014, Ventspils nafta Council decided to pull company stocks from Nasdaq Riga Exchange official list.

As previously reported, following the conclusion of the mandatory buy-back offer in November 17, Euromin became the owner of 98.96% VN stocks.

The price of each individual stock detailed in the buy-back offer was EUR 4.56.

Ventspils nafta stocks have been listed on Nasdaq Riga exchange since 1998.

Euromin was obligated to announce a mandatory buy-back offer of VN stocks to other stockholders after the September deal, in which Euromin had bought 43.25% of stocks from Latvijas Naftas tranzīts for EUR 79.98 million. This allowed Euromin to acquire 93.24% of the company’s total vote-ready stocks. According to information from the deal, the price of each stock was EUR 1.77.

Euromin continued to procure stocks even after this deal.

Ventspils nafta is one of the largest company groups in Latvia. It works in the field of oil product transport, shipping and storage. Ventspils nafta is the parent company, which manages investments in companies part of its group and assess the total value and growth potential of each individual company.

Ventspils nafta owns 51% of stocks in Ventspils nafta terminals, which is the largest oil and oil product handling terminal in Baltic States; 66% of stocks in LatRosTrans, which is a joint Latvian-Russian company in Baltic States; 49.94% of stocks in Latvian shipping company, which is one of the largest ship owners in the medium and handy-type tanker segment in the world.

In addition, Euromin has taken to court the Latvian Finance and Capital Market Commission (FCMC), demanding ten million euros from it in relation to a dispute over the buy-back price of VN stocks.

«We’ve had a difficult relationship with the FCMC on the issue of the mandatory purchase price, we feel that they incorrectly valued it. The higher price was certainly not voluntary, it was an instruction that that was the correct price and if Euromin did not change the bid price to 4.56 euros then, among other things, their voting rights could be suspended, and probably would be suspended,» head of VN group companies Roberts Kirkups told Bloomberg.

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