Unipetrol, as the purchaser, and Polski koncern Naftowy Orlen Spolka Akcyjna, as the seller, have executed the share purchase agreement on purchase of 49,660 pieces of shares of Paramo, a crude oil processing company.
The purchase price for the sale shares representing 3.73% of registered share capital of Paramo, amounts to CZK47.4 million. The purchase price was agreed on the basis of a valuation report prepared by American Appraisal.
The settlement of the sale of shares transaction is subject to certain conditions agreed by the parties in the share purchase agreement. It is expected that the transfer of shares shall occur within the next few weeks.
Francois Vleugels, CEO of Unipetrol, said: Increasing our stake in Paramo is another step in our long-term strategy to focus on core business such as processing of oil, petrochemicals and retail.