Bosnia and Herzegovina: Republic of Srpska to sell stake in Krajinapetrol

, SEE Energy News

The Republic of Srpska (RS) holds the 42.3 % stake in the company through the Investment-Development Bank. The Bank has already hired an advisor to help it prepare the offer for the sale of its shares in Krajinapetrol, as well as to evaluate the company’s capital as of the end of 2019. RS is planning to sell its 42.3 % stake in fuel trader Krajinapetrol by the end of the year.

In February, Bosnian oil products wholesaler NES said that it has increased its stake in Krajinapetrol from 32.245 % to 32.27 % following a takeover bit it launched in December last year. The company bought a total of 3,556 Krajinapetrol’s shares, which represents 0.026 % of total number of shares, at a price of around 0.4 euros per share. In late November, NES acquired 32.24 % of the company’s shares, thus triggering an obligation to launch a takeover bid for Krajinapetrol. Krajinapetrol’s management was undecided over the NES’ takeover bid, but ultimately did not support the sale of shares to NES. Also, Croatian oil company INA kept its 9 % share in the company.

RS is the largest shareholder in Krajinapetrol, followed by NES with 32.27 % stake and Croatian INA with 9.7 %. Last November, RS said that it is prepared to sell its stake in Krajinapetrol to Croatian oil company INA.

Krajinapetrol recorded a net profit in the amount of 660,000 euros in 2019,compared to a profit of some 380,000 euros recorded in 2018. The company’s operating income increased by 10.2 % to 27.6 million euros in 2019, while its operating expenses rose by 8.3 % to 26.6 million euros. Total assets amounted to 12.7 million euros at the end of December, compared to 11.4 million euros at the end of 2018.