Sistema Says Restrictions on Bashneft Shares Expanded

Posted by Michelle Howard
Wednesday, July 23, 2014

Russian oil-to-telecoms conglomerate Sistema said it had been notified of new restrictions on selling its shares in mid-sized oil producer Bashneft, which hamper plans for a share offering in London.

Sistema said on Wednesday that the OJSC REESTR registry had notified its subsidiary, Sistema-Invest, of restrictions on transactions involving Bashneft shares, in addition to previously imposed measures against Sistema itself.

Sistema directly owns almost 72 percent of Bashneft's voting shares and an overall stake of 86.7 percent, including 12.6 percent which is owned by Sistema-Invest.

Bashneft has been planning an initial public offering since it was acquired by Sistema in 2009. It had been considering listing $1-$2 billion worth of shares in London as early as September. Analysts said after the first set of restrictions on Sistema that the IPO was in doubt for this year.

Shares in Bashneft were down 3.6 percent as of 1400 GMT, underperforming a 0.6 percent decline in the broader Moscow market.

Sistema has said that the restrictions were related to an investigation, which it was not party to "and with which the company plans to fully cooperate".

Sistema acquired Bashneft from local authorities in the region of Bashkortostan. Local media have said the restrictions on share trading could be linked to the forthcoming election of the leader of the Urals region later this year.

(Reporting by Vladimir Soldatkin; editing by Jane Baird)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Hapag-Lloyd Sees Uptick of Incorrectly Declared Dangerous Goods

Year-on-year increase of 65 percent; more than 4,300 cases worldwide   Container shipper Hapag-Lloyd said it registered considerably more incorrectly declared dangerous goods last year,

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

SevenCs Supports MariGreen Project

SevenCs is part of the EU INTERREG V A cross-border project “MariGreen” to support the maritime industry in the transition towards more efficient, greener and more sustainable shipping.

Finance

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

Oversupplied Market Eyes Floating Storage Opportunities

Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected

Norway will be Lithuania's 2016 Top Gas Supplier

Lithuania will import more gas from Norway than from former sole supplier Russia in 2016 after developing infrastructure to support liquefied natural gas (LNG) imports,

Energy

ALMACO Wins Statoil Order for 450 Cabins

ALMACO Group was awarded the contract to build 450 NORSOK-compliant Modular Cabins for Statoil’s Johan Sverdrup fixed platform at Apply Leirvik’s yard in Stord, Norway.

Oversupplied Market Eyes Floating Storage Opportunities

Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected

Three Dead on Pemex Platform, Fire Under Control

Three workers were killed and at least seven injured when a fire broke out on a Pemex oil processing platform in the Gulf of Mexico, but the latest in a string of incidents is now under control,

News

Hapag-Lloyd Sees Uptick of Incorrectly Declared Dangerous Goods

Year-on-year increase of 65 percent; more than 4,300 cases worldwide   Container shipper Hapag-Lloyd said it registered considerably more incorrectly declared dangerous goods last year,

US Warship Rescues Mariners in Distress

Nimitz-class aircraft carrier USS Dwight D. Eisenhower (CVN 69) (Ike) came to the rescue of distressed mariners at sea, February 7.   Ike received a distress

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

Communication

Shipping Traffic Noise Severely Affects Whale Populations

Underwater sound pollution disrupts the communication methods of killer whales and could harm their ability to locate salmon, researchers have found.   Increasing

AlphaEye Allows Real-time Audio Visual Support

Alphatron Marine’s robustly designed AlphaEye is a next generation service communication tool offering the capability to have an extra set of eyes “onboard.” With the AlphaEye,

Lyden-Kluss, RADM Thomas Appointed IMO Ambassadors

Mission to educate the public about the benefits and opportunities in the marine industry Carleen Lyden-Kluss, Chief Executive Officer of Morgan Marketing & Communications, along with RADM Cari B.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1111 sec (9 req/sec)