Unipetrol calls extraordinary general meeting for September 29. The EGM was requested by Cyprus-based Goldenfrazil which holds 3.7% stake in Unipetrol. The offshore company claims that PKN Orlen deliberately deprived minority shareholders of the possibility to affect the sale of Unipetrol's units Kaucuk and Spolana during the April 13 general meeting. Goldenfrazil also asked the Czech National Bank and the Prague Stock Exchange to investigate rulings of the AGM.
Our view:
With calling the EGM Goldenfrazil likely aims the revision of this decision; however, we see a very low chance for that. Would there be any news/rumour that the National Bank or the Stock Exchange would support Goldenfrazil’s claim, it could have negative impact on Unipetrol share price.