MOL-INA consortium signs contract for 67% of Energopetrol.
Friday, September 8, 2006, 13:25
Bosnia agreed with Hungary's Mol Nyrt and Croatia's INA Industrija Nafte d.d. to sell its fuel retailer, Energopetrol, for about €36 million after more than a year of negotiations.
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 will hold 67%, the Federation government will keep 22% while small shareholders will hold the rest of the shares.
The Mol-INA Consortium will transfer €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 three years. The closing of the transaction is subject to several conditions, including the approval of the Competition Office of Bosnia & Herzegovina. Energopetrol owns and operates 64 filling stations in Bosnia&Hercegovina, controlling 15% of the country’s market. MOL and INA is already present in the country’s growing wholesale and retail market. The joint operation will result 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.” (bet.hu)