Baltic doublesd interest in Rosbunker
Tuesday, December 18, 2007
Baltic Oil Terminals has doubled its stake in ZAO Rosbunker to 50% following a deal with Goulding Partners Inc and Mr Vladimir Gavrilov.
The US$11.0 million (£5.4 million) deal was financed through the issue to Goulding of US$8.0 million in shares and US$3.0 million in cash, financed by a vendor placing.
In addition, Baltic has completed a cash placing of 2.2 million new shares to raise approximately US$3.9 million.
Simon Escott, Baltic's chief executive, commented: “We are delighted to increase our interest in Rosbunker to 50%, which is a significant milestone for the company. This acquisition will further strengthen Baltic's strategic position in Russia.”
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