"Neochimiki L.V. Lavrentiadis" announced bid for takeover of remaining 16.21% of stocks of Oil refinery "Beograd" for 7m EUR

Greek company "Neochimiki L.V. Lavrentiadis" has announced the bid for takeover of remaining 16.21% of stocks of Oil refinery "Beograd" for total of 7m EUR.

According to the web site of the Belgrade Stock Exchange, "Neochimiki", of which headquarters is in Athens, offers 2,127.11 RSD (26.48 EUR) per stock for total of 265,135 stocks of the Belgrade manufacturer of motor oils and lubricants. The offer will be closed on July 8.

Greek company bought 70% of capital of the Refinery for 16.4m EUR in February 2007, and it bought additional 13.78% of stocks on the Belgrade Stock Exchange.

Nominal value of stock of the Refinery is 1,000 RSD, while the accounting value on December 31, 2007, amounted to 1,051.85 RSD.

The bidder announced that it planned to increase market share of the Refinery in Serbia through improvement of the business results. Also, it will be supporting development of the Refinery by providing necessary funds.

"Neochimiki" intends to keep production of oil derivatives as the basic activity, as wel as to keep competitive position of the Refinery through constant introduction and development of new products.

According to the business plan of the Refinery, total projected income for the first six months of year 2008 is 681.64m RSD.

Interallis Chemicals d.o.o. Beograd

Rafinerija nafte a.d. Beograd

Beogradska berza a.d. Beograd