MOL-INA consortium signed the final agreement with the Government of Bosnia and Herzegovina on acquiring a 67% stake in Energopetrol through capital increase. The consortium will subscribe newly issued Energopetrol shares for EUR 30.7m. The capital increase is to repay Energopetrol's debts. After the transaction, MOL-INA consortium will own a 67% stake, the government's stake will be 22%, while the rest will be held by small shareholders. MOL-INA consortium transfers EUR 5.1m to the Government of Bosnia and Herzegovina for the majority stake. MOL and INA will provide EUR 76.7m for Energopetrol in the next three years to finance its investment program. The final closing of the transaction is subject to several conditions, including the approval of the competition authority of Bosnia and Herzegovina.
Our view:
We welcome the finalizing of the agreement. However, market is already priced in the positive outcome of the Energopetrol tender, so we see no market reaction an the news.