Hungarian oil and gas company Mol Nyrt and its Croatian unit INA Industrija Nafte d.d. formally took over control of a 67% stake in Bosnian peer Energopetrol on March 29, INA announced on Monday.
Mol Nyrt and INA Industrija Nafte d.d. each took over a 33.5% stake of Energopetrol. On September 8, 2006 MOL and INA consortium signed a contract with the government of Bosnia & Herzegovina to become 67% owner of Energopetrol through capital increase. Mol said at the time the consortium would subscribe newly issued Energopetrol shares worth €35.1 million as part of the transaction. The fresh capital would be used to repay Energopetrol’s debts. The Bosnian government owns 22% of Energopetrol shares and small investors hold 11%. Energopetrol has 65 petrol stations, giving it a 15% share of the market. Mol and INA plan to boost this number to 100 within three years, giving Energopetrol a 25% share of the market.
The Consortium will subscribe Energopetrol’s shares to be newly issued in an aggregate amount of €30.7 million. The capital increase will provide financial resource to repay Energopetrol’s debts. Following the subscription Mol-INA Consortium holds 67%, the Federation government kept 22% while small shareholders hold the rest of the shares. Mol-INA Consortium transfers €5.1 million to the Government of Bosnia & Herzegovina as a consideration of acquiring control over the Company. INA-Mol will provide resources of €76.7 million to Energopetrol in order to finance its investment program in the next years. The closing of the transaction is subject to several conditions, including the approval of the Competition Office of Bosnia & Herzegovina.
Mol and INA was already present in the country’s growing wholesale and retail market. The joint operation results in clear retail leadership in Bosnia & Herzegovina and provides significant synergies in longer term. Zsolt Hernádi, Executive-chairman of Mol commented: „This transaction is a clear sign of the successful cooperation between Mol and INA and is fully in line with our announced strategy. The Balkan region with its high growth opportunity is the primary area of our Downstream expansion plans.” (Bg, molgroup.hu)