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Provider: Reuters Investment Profile
Provider: Investcafe
Provider: Investcafe

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ANK Bashneft' OAO Approves Increase in UPC Charter Capital; to Consolidate Petrochemical Assets in UPC-Interfax

Thursday, 14 Mar 2013 03:06am EDT 

Interfax reported that ANK Bashneft' OAO at an extraordinary shareholders' meeting approved public placement of 10.166 million ordinary shares in wholly owned subsidiary, United Petrochemical Company (UPC), each with par value of RUB 1,000, which will increase charter capital from the current RUB 0.4 billion to RUB 10.566 billion. The placement price will be determined by the UPC board of directors once ANK Bashneft' OAO 's right of first refusal to buy the shares expires. The share price will be the same for ANK Bashneft' OAO and outside buyers. The supplementary issue might be paid up with cash and with ordinary shares in Ufaorgsintez OAO. Ufaorgsintez OAO shareholders approved transfer of executive authority to UPC at an extraordinary meeting in May 2012. The supplementary issue is part of the process of consolidating ANK Bashneft' OAO's petrochemical assets in UPC, which is to be carried out in the first half of 2013. Those assets, including Ufaorgsintez OAO and the Tuimazinsky and Shkapovsky gas processing plants, will be consolidated in UPC. Subsequently, UPC will purchase at market value from ANK Bashneft' OAO the facilities they lease, as well as installation for production of bisphenol-A, which is used in the production of epoxy resins and polycarbonates.