East Capital among biggest shareholders of NIS - Shares of oil giant dropped by 9 percent in June

For the fifth day in a row, the shares of the Petroleum Industry of Serbia (NIS) are on a downward trend, dropping on Tuesday to the level of RSD 726, which is 9.1 percent less than at the beginning of June.

After the shares of this largest company on the Belgrade Stock Exchange soared to the level of RSD 850 in late May, thus hitting the record high, their price started to drop and that negative trend reached its climax in the past few days. Daily turnovers of NIS shares have plunged deep below their this year's average, mainly because investors' concern about Greece's economic crisis and lack of important events at that company, which should announce its six-month financial report in late August.

The ownership structure of NIS, after a big trading in shares between two custody accounts (Vojvodjanska Banka and Citigroup), has not changed a lot. The only important news is that the largest foreign investor on this territory, East Capital from Sweden, has finally become one of the biggest shareholders of this oil company, ranking tenth with the stake of 0.04 percent. East Capital is the biggest portfolio investor in this country and it has significant stakes in number of domestic companies, but it has obviously been hesitating for a long time to take a stake in NIS. The biggest minor shareholder of NIS after the state is still Austria's Erste with a 0.43 percent stake.

It is followed by the investment fund of Croatia's Zagrebacka Banka, the holder of a 0.36 percent stake, while the custody account The Royal Bank of Scotland owns a 0.13 percent stake in NIS.