Energy, Financial Services, Latvia, Oil, Transport

The announcement said that on February 2 Ventspils Nafta shareholders made a decision on reducing share capital from EUR 146,271,326 to EUR 1 million. Creditors may submit their claims within a month.

Ventspils Nafta shareholders took the decision to delisting at an extraordinary shareholders' meeting on December 2, 2015.

Nasdaq Riga stock exchange decided on January 22 to grant Latvia's Ventspils Nafta holding company's request to delist its 104,479,51 bearer shares from the Baltic Main List. As a result of the final takeover bid, Euromin Holdings (Cyprus) Limited (Euromin) acquired 104,479,519 or 100% of Ventspils Nafta shares.

Euromin had to make the mandatory buyout offer to other Ventspils Nafta shareholders after acquiring from Latvijas Naftas Tranzits a 43.25% stake in Ventspils Nafta for EUR 79.98 million in September 2015, increasing its stake in Ventspils Nafta to 93.24% as a result of that deal.

Since then, Euromin has continued to purchase Ventspils Nafta shares and has made the buyout offer to the company's minority shareholders.

Ventspils Nafta is the central holding company in a transit-oriented group whose task is to manage the investments in its subsidiaries. Ventspils Nafta operates in the following areas: transshipment of crude oil and petroleum products; transport of crude oil and petroleum products by pipelines and shipping.

Ventspils Nafta owns 51% in Ventspils Nafta Terminals crude oil and petroleum product terminal, 66% in LatRosTrans oil pipeline operator which is a Latvian-Russian joint venture, and 49.94% in Latvijas Kugnieciba shipping company.