INTERFAX. Petrocommerce has gathered 100% of Ukhtabank (Ukhta), the lending institution said in a press release. Earlier Petrocommerce owned 96.7% of the Ukhta-based lender. In May 2008 Petrocommerce made an offer to Ukhtabank’s minority shareholders to buy out their holdings. Common shares with Rub 10.00 par value each were bought out at Rub 444.07 per share, while preferred shares (Rub 1.00 par value) were bought at Rub 44.41 apiece. The request to buyout minority shares on the part of a shareholder that owns over 95% of a joint stock company’s securities was mandatory for fulfillment.
Petrocommerce owns 96.6% of Ukhtabank.
Petrocommerce Group includes Ukhtabank, Petrocommerce-Ukraine (95.3%) and Stavropolpromstroybank (77.27%). Last September the group sold 100% of Moldova’s Unibank to Austrian investment fund VCP Capital Partners Unternehmensberatungs. Lukoil vice president Leonid Fedun along with Lukoil CEO Vagit Alekperov control 87.94% of Petrocommerce through Cyprus-based Reserve Invest. Another beneficiary of the bank’s 7.27% interest is its chief executive Vladimir Nikitenko.
In H108, Petrocommerce ranked 19th and Ukhtabank was in 206th place in terms of assets in the Interfax-100 ranking, prepared by Interfax-CEA.
