Why the Czech-Slovak group J & T, Petrol's second largest owner, somehow assumes the country's voting rights in the largest national oil company?
Yesterday's meeting of Petrol, the largest national oil company, passed a record record. While management is led by Tomaz Berocnik listening to the praise of the shareholders, the plans of one of them bring instability to the property structure of the society. It is a Slovak-Czech financial group, J & T, the second largest owner of Petrol, which has been trying to sell its 12.8% stake several years ago. In recent months, he wants to force the country to buy these shares.
Already at the end of last year, J & T reported that state-owned jointly owned approximately one-third of Petrol shares, due to suspicion of violation of procurement legislation by the ATVP and concerted action. The Agency rejected the request to withdraw the right to vote. At J & T, the ownership of Petrol's state-owned owners has also been included in the shares held by mutual funds and pension funds of state managers, although they are not considered to be State-related persons by law as they are owned by savers.
If the ATVP satisfied the J & T requirement, the state should publish a takeover bid in order to avoid sanctions. This would open J & T's window for the sale of shares. Therefore, J & T has now decided the next step. They filed a lawsuit against the ATVP ruling. This information was confirmed in the Administrative Court of Siol.net. They clarified that the suit had been lodged by the Cypriot company Mustand Energy Limited, owned by the J & T Group. The court does not disclose the content of the suit.
A second major attack on Petrol by the state
Shares were sold for two years
It is a continuation of the more or less silent war of the Slovak-Czech group against the country, that already lasted many years. J & T acquired shares in 2014 and 2015 and, with its purchases, the state fills. They were hiding in J & T for an open fiduciary account with one of the Czech banks and Cypriot companies that have accumulated shares for the Hungarian multinational Mol before years before the war for the Croatian oil company Ina.
At that time, J & T denied connections with Mol and announced that they would continue to increase their stake in Petrol. "In the investment, we see the potential for possible subsequent association with its companies in the group, including energy, such as EPH with mills across Europe, and Unipetrol (which are minority owners) and with EP Industries, responsible for waste processing," he said. Mario Selecky, project manager at J & T.
This never happened, and the plans were crossed by the state with some restrictions. In 2017, they turned the disk into J & T. They started demanding a state seat at Petrol's Supervisory Board. At the same time, they began offering their package to various stakeholders, including the European Bank for Reconstruction and Development (EBRD).
What Petrol bought from the Croatian General of Operation Neviht
"We are a long-term investor and we will remain"
For two years, the shares could not sell them for several reasons. Some of the parties are expected to discourage J & T's excessive price expectations, which cost almost € 69 million for Petrol's shares. For other strategic owners, especially power potential, J & T's ownership of Petrol is very small, as it does not allow influence in the management of the company.
"We are a long-term investor and will remain as long as the deal is satisfactory," said attorney Petra Djukic, J & T's representative, at yesterday's meeting. She confirmed that the Slovenian state holding company (SDH) still requires a seat on the Supervisory Board.
But more than of course, the main objective is the withdrawal of J & T from Petrol, without any losses, which is also witnessed by the increasing pressure on the country. In the last four years, the value of its participation in the stock exchange has increased by 25 million euros. In July 2015, the value of the Petrol stock market was EUR 254 and today it is worth 348 euros. During that time, J & T together received a good gross dividend of € 16 million.
For Petrol the best year in history
In recent weeks around Petrol several combinations of personnel have been mentioned. The former chairman of the Probanka Extraordinary Administration plays an important role in these games Igo Gruden, now a member of the Petrol Supervisory Board, who was appointed at the time of the government Watch it.
The Assembly passed without a shock. Probably because Petrol is the best trading year in its entire history, the company will pay the largest dividend to shareholders this year. The group generated 5.4 billion euros in sales revenue, 20% more than in 2017. Net income increased 13% to 91.8 million euros. Both were above the plans.
Most of the revenue is generated by a group that employs more than 4,800 people in the energy sector. They sold 3.5 million tons of petroleum products, four percent more than the previous year. Of these, 39 percent were sold in retail. At the end of last year, Petrol had 500 service stations, of which 319 in Slovenia (gasoline holds 57% of service stations), 107 in Croatia, 40 in Bosnia and Herzegovina, 12 in Serbia, 11 in Montenegro and in Kosovo. .
They sold a tenth of more merchandise
In addition, 19.9 terawatt hours of natural gas, 157.6 thousand tons of liquefied petroleum gas, 20.3 terawatts-hour of electricity and 140.5 thousand megawatt hours of thermal energy were sold.
An increasingly important source is the commercial activity, where they generated 477.5 million euros in sales revenues. These were due to new international accounting standards, with a decrease of 122.9 million euros. If there were no changes, sales revenue would increase by 10%.
In a strategy adopted by Petrol in July, it is projected to reach € 5.3 billion in 2022, € 233 million in operating cash flow (EBITDA) and € 116 million in net income. "If we want to reach it, we need to grow faster," Berocnik emphasized at yesterday's meeting.
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J & T bank accused of participating in one billion frauds
J & T Bank, part of the Financial Group of the same name, was involved in one of the most respected corporate scandals in the US last year. It played a key role in the functioning of the financial system organized by Czech real estate tycoon Radovan Vitek, whose fortune was estimated by Forbes magazine for $ 3.5 billion. Several private investors in this scheme, including US venture capital fund Kingstown Capital Management, have filed a criminal complaint and lawsuit against Vitek, J & T Bank and a number of other individuals and companies on suspicion of fraud, money laundering and other criminal offenses. The amount of damage must exceed one billion US dollars.