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| Mol has increased its interest in TVK |
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Budapest, February 28th 2007, Wednesday (MTI) - Mol Nyrt. has purchased 7,666,850 TVK shares on February 27th, representing 31.56 per cent of the share capital of TVK – Mol reported on the website of the Budapest Stock Exchange on Wednesday.
Mol’s interest in TVK has increased to 76.11 per cent after the transaction, while the affiliate of Mol, Slovnaft continues to have an interest of 8.06 per cent.
Accordingly, total direct and indirect interest of Mol in TVK has increased to 84.17 per cent.
The seller was not identified in the announcement, but we know from the ownership structure that the other major owner of TVK besides Mol was CE Oil and Gas AG.
On the same day, VCP Capital Partners Unternehmensberatungs AG announced that it has sold its total interest of 31.56 per cent in Tiszai Vegyi Kombinát Nyrt. to Mayfair Investcorp Ltd. through its affiliate, CE Oil and Gas Beteiligung und Verwaltung AG, a company registered in the British Virgin Islands. According to the agreement, VCP has transferred the ownership of its 7,666,850 TVK ordinary shares to Mayfair. The performance of the contract means the end of VCP’s previous direct interest of 31.56 per cent in TVK.
VCP has acquired a 15.99 per cent interest in TVK in 2000, which was further increased by 15.4 per cent in 2004. Due to current favourable market conditions and the advantageous business environment, VCP now decided to sell its total interest in TVK – the company announced.
According to the announcement, VCP has been considering selling its interest in TVK for quite a while; therefore they examined every possible option, including a potential stock market sale similar to the successful stock market sale of BorsodChem in 2004. However, considering the current situation, they decided in favour of the direct sale. VCP had discussion with several potential investors about the purchase of its share in TVK during the recent months, and then they accepted the most favourable purchase offer.
The announcement mentions that it is Mol who has finally purchased the ownership stake.
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Source: MTI; 20070228 |
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© VCP AG 2010
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