Bashneft has completed a deal on buying Ufaorgsintez shares for 3.55 billion rubles

UFA, 25 March 2016. /Bashinform News Agency, Olesya Seregina/. On March 24, PJSOC Bashneft completed the acquisition of 21,505,680 ordinary shares (19.04% of the authorized share capital) of PJSC Ufaorgsintez. They were purchased from CJSC Sistema-Invest for 3.55 billion roubles. The transaction has enabled Bashneft Group to consolidate 100% of voting shares in PJSC Ufaorgsintez.

According to the company's press service, the purchase of the said shareholding in PJSC Ufaorgsintez is consistent with the strategy for the Bashneft's petrochemical business development. The transaction was approved by Bashneft's Board of Directors on March 18, 2016 in accordance with a directive of the Government of the Russian Federation. The amount of transaction was determined on the basis of an independent evaluation.

PJSC Ufaorgsintez is one of the largest Russian enterprises for production of organic synthesis products, plastics. The authorized capital amounts to 112.9 million rubles. In 2015 Ufaorgsintez increased its net profit compared to the year 2014 by 2.6 times - up to 6.22 billion rubles, while the company's revenue increased by 15.8 percent and amounted to 32.31 billion rubles.