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Skip Navigation LinksHome :: Corporate finance :: Unipetrol expands stake in Paramo to 91.76%.

Monday, September 1, 2008

Unipetrol expands stake in Paramo to 91.76%.





Unipetrol expands stake in Paramo to 91.76%. The country’s leading petrochemical group Unipetrol raised its stake in crude oil processing company Paramo from 88.03% to 91.76% by purchasing 3.73% of its share capital (49,660 shares) for CZK 47.4mn (EUR 1.9mn) from Poland’s petrochemical concern PKN Orlen. The purchase price for Paramo, which focuses on fuels, lubricants and bitumen manufacturing, set by valuation report of American Appraisal at CZK 954.5 per share, is 69.4% of the price at which company’s shares are traded on the Prague Stock Exchange. The shares will be transferred few weeks after the signature of the contract. Unipetrol CEO Francois Vleugels said the purchase will support Unipetrol strategy to focus on core business like processing of oil, petrochemicals and retail, as well as will enable it to make Paramo management more flexible. Paramo reported CZK 39mn pre-tax loss in H1, improving by 85.9% y/y; by contrast, its sales increased 8% y/y to CZK 5.6bn. The net profit of Unipetrol, 63% controlled by PKN Orlen, dropped by 76.9% y/y to CZK 708.5bn in H1, sales increased by 8.3% y/y to CZK 49.2bn.







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