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Slovenia's Petrol gets majority stake in Geoplin, divests stake in Plinovodi

Author Maja Garaca
Slovenia's Petrol gets majority stake in Geoplin, divests stake in Plinovodi Northfoto/Shutterstock.com

LJUBLJANA (Slovenia), July 15 (SeeNews) - Slovenian energy group Petrol [LJE:PETG] said it has exchanged a stake in local gas network operator Plinovodi for interest in Ljubljana-based wholesale natural gas supplier Geoplin in a swap deal with the state.

Petrol and the Republic of Slovenia, represented by Slovenian Sovereign Holding, signed a contract of exchange on Thursday based on which Petrol will become the majority owner of Geoplin, while Slovenia takes over the majority share in Plinovodi, the energy group said in a filing with the Ljubljana bourse.

The state will retain a 25% interest in Geoplin, Petrol noted.

The transaction will be completed once suspensive conditions are fulfilled.

The exchange of shares is in accordance with Petrol's business strategy, it added.

Petrol share price rose 1.10% on Thursday to close at 281 euro ($312.8).

($=0.898 euro)

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