NIS to become open joint-stock company

The NIS Board of Directors has adopted a draft decision for transforming NIS into an open joint-stock company.

Izvor: Tanjug

Tuesday, 18.05.2010.

13:41

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The NIS Board of Directors has adopted a draft decision for transforming NIS into an open joint-stock company. Naftna Industrija Srbije (NIS), Serbia's formerly state-owned oil monopoly, is now controlled by Russia's Gazprom. NIS to become open joint-stock company The financial report for 2009 was also adopted at the meeting on Monday, as well as several other draft documents needed for transforming the company, which are expected be adopted on June 21 at the shareholders assembly meeting, it has been announced. The transformation into an open joint-stock company means that NIS will be listed in the Belgrade Stock Exchange (BSE), where its shares are currently worth EUR 4.8 and are expected to increase tenfold after the transformation, said reports. Trade on the exchange would also increase, since the NIS shares would be of the highest, so-called “blue chip” share quality, which is expected to attract foreign investors as well. According to a statement from the board meeting, the company has also adopted a new draft statute, and the rules of procedure for the shareholders assembly and the monitoring committee. All of the documents are expected to be discussed and then adopted on June 21. The financial report for 2009 was also adopted, as well as a consolidated financial report and the report of the independent auditing company PriceWaterHouseCoopers.

NIS to become open joint-stock company

The financial report for 2009 was also adopted at the meeting on Monday, as well as several other draft documents needed for transforming the company, which are expected be adopted on June 21 at the shareholders assembly meeting, it has been announced.

The transformation into an open joint-stock company means that NIS will be listed in the Belgrade Stock Exchange (BSE), where its shares are currently worth EUR 4.8 and are expected to increase tenfold after the transformation, said reports.

Trade on the exchange would also increase, since the NIS shares would be of the highest, so-called “blue chip” share quality, which is expected to attract foreign investors as well.

According to a statement from the board meeting, the company has also adopted a new draft statute, and the rules of procedure for the shareholders assembly and the monitoring committee.

All of the documents are expected to be discussed and then adopted on June 21.

The financial report for 2009 was also adopted, as well as a consolidated financial report and the report of the independent auditing company PriceWaterHouseCoopers.

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