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Wednesday 15.08.2018 | Name days: Dzelde, Zenta, Zelda
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Ventbunkers: VN stocks were sold at an appropriate market price

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUNearly EUR 80 million is an appropriate price for 43.25% of stocks of Ventspils nafta, which Ventbunkers’ subsidiary Latvijas Naftas tranzīts has sold to Vitol Group’s Euromin Holdings (Cyprus) Limited, says Swiss lawyer Rudolf Meroni, who is also Chairman in Ventbunkers and LNT councils.

«The price at which VN stocks were sold exceeds every price that has appeared on stock markets in the past two to three years by 50%,» – explains Meroni.

He adds that the price agreed upon by LNT and Euromin is equal to the highest value estimated by experts. «This is why we believe stocks were not sold below market value,» – said Meroni.

According to the Swiss lawyer, the deal was carefully assessed from all aspects. «We have been provided with an accurate and professional market value estimate from experts of an international company. We are confident this deal is a good solution for LNT and is very reasonable. I doubt anyone would have any chance of challenging it,» – said Meroni. Nevertheless, it is impossible to say if someone could potentially «launch a pointless process doomed to fail from the start».

The Swiss lawyer says the sale of VN stocks was not a one-off transaction, but rather a part of a massive process aimed to regulate work between Ventbunkers and VN Group. «There are multiple areas in which ours and VN’s interests align, and we have worked with each other in the past to secure beneficial solutions for both sides in all fields,» – added Meroni.

«We will continue working to resolve all remaining problems with VN,» – emphasized Meroni.

Ventbunkers board member Edgars Ciniņš notes that this deal is a logical step in VN’s development. It also helps Euromin Holdings Limited to increase its portion of stocks.

He explains that this deal has been in development for a long time and is «the result of hard work and devotion of many people». «I believe recently voiced speculations regarding the deal and the price and unjustified and based purely on delusions. I have no doubts about the transparency of this deal and its contribution to the company’s interests,» – said Ciniņš.

The entrepreneur also explains that it is far more important to consider all benefits from the deal than it is to give in to unjustified speculations. The price of the deal cannot be taken out of context. «I cannot understand why anyone would want to challenge this deal, unless, of course, it is done solely because of unknown personal interests. I believe everyone will benefit from this deal – the sides involved, the small shareholders in VN, Ventspils Freeport and Latvia’s transit industry as a whole,» – he adds.

Relations between Ventbunkers and Ventspils nafta have been «more than tense» for many years. Hard work has made certain the two companies are trusted partners. It is clear that they will work together to develop Ventpils Freeport. «It also helps preserve resources that would otherwise be used to resolve pointless disputes,» – adds Ciniņš.

«The recent surfacing of speculations and dissatisfaction with this deal can be easily explained with simple envy. There will always be people who dislike it whenever someone else has a good life and is successful in business, especially if the envious person is not nearly as successful in business,» – concluded Ciniņš.

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