September 19 (SeeNews) - Macedonia's Securities and Exchange Commission (SEC) has temporarily suspended the proceedings related to the proposed takeover of the country's biggest oil products retailer Makpetrol by Balkan Petroleum Holding Limited, the regulator said on Monday.
London-registered Balkan Petroleum announced in June that it intends to acquire Makpetrol, offering to pay 25,908 denars ($469.7/420.7 euro) per share. Since then the Macedonian securities watchdog has asked Balkan Petroleum several times to provide additional information.
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The proceedings were put on hold because another state institution had to resolve an issue prior to the final decision, the SEC said in a statement on its website. After the competent authority issues its ruling, the SEC will resume the proceedings. The commission didn't name the state institution it referred to the statement.
Makpetrol says it has a network of 124 filling stations in Macedonia. It also has units in neighbouring Serbia and Greece.
The company posted a net profit of 109.3 million denars for the first half of the year, reversing a net loss of 243.4 million denars for the same period of 2015, on the back of lower operating expenses and higher financial revenue.
According to Makpetrol's latest financial report, Oilco, a local company distributor of oil products, owns 22.27% of Makpetrol's shares, with private individuals holding the balance with stakes lower than 5% each. According to data published on Oilco's website, Makpetrol is Oilco's main shareholder with a stake of 35%.
(1 euro=61.5795 denars)