Slovenia's Petrol signs deals to sell Istrabenz shares

The agreements were entered into based on bids resulting from a public invitation published in October for the purchase of 1,690,305 shares of Istrabenz - equal to a 32.63% stake, which are traded on the Ljubljana Stock Exchange, Petrol said in a bourse filing.

Local company Sava d.d. has acquired 845,153 Istrabenz shares from Petrol while KB 1909 has bought the remaining 845,152 shares.

By entering into the sale, Petrol said it is pursuing the strategic goal of disposing of all non-operating assets as it estimates that over the long term this investment will not yield the required returns.

In a separate bourse filing, Sava said the acquisition of the 16.32% stake in Istrabenz represents an attempt to find opportunities to optimise and consolidate its strategic investments, which forms a part of the business financial strategy restructuring of the Sava Group until 2014.