Bashneft’s shareholders to discuss Bashneft-invest takeover
Edited by Rhod Mackenzie / 2014-02-03 05:55:30
On February 3rd, 2014, an extraordinary meeting of Bashneft’s shareholders will discuss reorganization of the company in the form of takeover of Bashneft-invest, which is separated from AFK Sistema-Invest, Bashneft’s press release reports.
The reorganization scheme provides for separation of 100% subsidiary of Bashneft – Bashneft-Invest – from Sistema-Invest; it will become owner of 20.2% of Bashneft’s ordinary shares (16.8% of its authorized capital) and the accounts payable of Sistema-Invest to Bashneft in the amount of about 36 billion rubles. On Wednesday, Sistema reported that the group’s Board of Directors approved the program of the subsidiary reorganization.
