JSOC Bashneft sold 500 ordinary shares of OJSC Belkamneft, which comprise 38.46% of the company’s authorized share capital, to a group of private investors.
The transaction value determined based on independent appraisal of the market value of the stake in Belkamneft totalled US$ 200 million.
The decision to sell the mentioned stake had been made as part of optimizing Bashneft’s investment portfolio and was related to the fact that the Company has no operational control over OJSC Belkamneft.
The transaction had been approved by Bashneft’s Board of Directors.