Bosnian oil refinery Modrica positive on Nestro Petrol's takeover bid

Nestro Petrol currently owns 2,699,883, or 1.33%, of Modrica’s voting shares, while Russian state-owned oil firm Zarubezhneft, via its subsidiary Neftegazinkor is an owner of 153,940,994 shares, or 75.65% of Modrica’s voting stock.

Nestro Petrol is obliged to acquire the remainder of Modrica’s voting shares for 0.257 marka ($0.17/0.13 euro) apiece, the refinery said in a filing with the Banja Luka Stock Exchange.

Modrica’s total capital of 203.5 million marka is divided into 203,487,123 shares with par value of 1.0 marka each.

Modrica (www.modricaoil.com) is located in the northern part of the Serb Republic, which together with the Muslim-Croat Federation forms Bosnia and Herzegovina. The refinery produces motor and industrial oils, lubricants and paraffin.

(1 euro = 1.95583 Bosnian marka)