12 March 2012, Monday, 15:01

“BASHNEFT” turns to uniform share

author: Rasul Khamidullin

JSC “Oil Company BASHNEFT” announced the beginning of the reorganization program through merger of its daughter companies – JSC “Ufa Refinery”, JSC “NOVOIL” (JSC Novo-Ufimsky Refinery”, JSC UFANEFTEHIM”, JSC “BASHKIRNEFTEPRODUCT” and JSC “ORENBURGNEFTEPRODUCT”, as it was stated at the meeting of the board of directors of all abovementioned companies.

“BASHNEFT” board of directors has preliminary approved the merger as well as the coefficients of converting of their shares into shares of JSC “BASHNEFT”. The board of directors has also determined prices for ordinary and privileged shares of the company.

“BASHNEFT transition to one single share is aimed at the rise of the company’s activity transparency, at the rise of its efficiency and quality of corporate management” – the chairman of “BASHNEFT” board of directors Alexander Goncharuk stated – “Reorganization of the company will be based on principles of maximal transparency and unconditional observance of rights of all shareholders “.

The process of reorganization expected to be completed till the end of this year.