Bashneft has completed reorganization via adjustment of Bashneft-Invest CJSC

Bashneft has completed the reorganization of the adjustment of Bashneft-Invest CJSC. The reorganization was the final step in the realization of the strategy aimed at the optimization of the corporative structure via the transition to the unified share structure and the liquidation of the scheme of cross ownership of Bashneft’s shares and the cessation of participation of the company in the non-core businesses.

The tax authorities registered the cessation of the activity of Bashneft-Invest on May 5th. The shareholding of 38,139,925 equal shares of Bashneft (5% of authorized capital) that used to belong to the company was paid off in accordance with the decision of Bashneft’s shareholders admitted on February 3 2014. On Monday, they redeemed 8,885,866 preference shares bought out from Bashneft’s shareholders.