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September 18, 2020

KazMunaiGaz wants Rompetrol shares back

KazMunaiGaz wants to repurchase a 44.69 pc stake in ‘Rompetrol Rafinare,’ which it just turned to the Romanian state, as it failed to redeem its corporate bonds, ‘Adevarul’ daily reports. The Rompetrol group, controlled by the Kazakh company KazMunaiGaz, paid EUR 54 M out of Rompetrol Rafinare’s total debt to the Romanian state, worth EUR 570 M, which has been turned into bonds in 2003. The remaining stake of 44.69 pc has been converted into shares to the benefit of the Romanian state, following a decision made by the General Shareholders’ Assembly on September 30, 2010 – the date when the company should have repurchased the bonds. After initially announcing that they don’t have enough money to redeem all the shares, KazMunaiGaz officials now want to make use of their pre-emption right and buy back the stake that went to the state, hoping they will pay a lower price than that at which the conversion has been made, i.e. 0.118 RON/share.

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