Gazpromneft takes over 19.12% of NIS shares - Securities Commission approved the purchase

The Securities Commission has today approved the purchase of 19.12% of shares of the Petroleum Industry of Serbia (NIS) from minor shareholders by the Russian company Gazpromneft, people at the Commission told Beta agency today.

Gazpromneft will tomorrow take the Commission's approval of the purchase of shares and the company has an obligation to publish a bid on the first working day following the taking the approval, that is, on Monday, January 31.

The bid shall be published in daily papers that are sold in more than 50,000 copies and in electronic media with a national frequency.

Gazpromneft purchased 51% of NIS shares from the state of Serbia in December 2008 and promised to announce a bid in February at the latest for acquisition of NIS shares that are distributed for free among citizens and the company's former and current employees.

The company must offer the price of EUR 4.8 per share of NIS, that is, minimum RSD 506.48 per share if the value of the national currency drops in the meantime.

The bid will be open for 45 days from the day of it's announcement, while all shareholders who place an order for the sale of their securities must be paid the offered price three days after closing of the bid.

Citizens can place an order for sale of shares at windows in post offices and that service is free of charge, or they can trade through a broker, which will cost them a certain fee.

If minor shareholders of NIS have already placed an order for sale of shares on the Stock Exchange, they will have to withdraw it in case they want to take the offer of Gazpromneft.

Minor shareholders who decide to keep the shares of NIS will be able to sell them on the Stock Exchange even after closing of the bid of the Russian company.

The Government of Serbia owns 29.9% of NIS shares.

Gazpromneft bought a majority stake in NIS for 400 million euros and an obligation to invest about 550 million euros in modernization of that company prior to 2012. The Russian national company took over the management of NIS in February 2009.

Trading in the shares of NIS on the Belgrade Stock Exchange started on August 30, 2010. Their current price is RSD 484 per share. The highest price was achieved on the first day of trading - RSD 550, while the lowest price amounted to RSD 442.