Bashneft breaks circle – the company liquidates cross-ownership scheme

Joint Stock Financial Corporation Sistema intends to liquidate ring scheme of Bashneft’s shares ownership through Sistema-invest. Bashneft-invest will be separated from this company; then it will be joined with Bashneft. The Bashneft’s authorized capital will be reduced, including due to payment of a part of preferred shares, bought from shareholders that are discordant with reorganization. Experts think that this will enable to receive higher assessment during the sale of the Bashneft’s shares.

Tomorrow, the Bashneft’s Board of Directors must convoke an extraordinary meeting of shareholders to consider the scheme of the company reorganization. Due to it the cross scheme, according to which Sistema owns a part of the Bashneft’s shares, will be liquidated.