Securities and Exchange Commission does not issue license to Balkan Petroleum to takeover bid of Makpetrol
- Friday, December 29, 2017 1:56 PM
Skopje, 29 December 2017 (MIA) - Macedonia’s Securities and Exchange Commission at its Friday’s meeting decided not to issue a license to Balkan Petroleum Holding Limited for takeover bid of Makpetrol AD Skopje.
The decision was adopted after another state institution on Dec. 18 informed the Securities and Exchange Commission that prior issue related to the case was resolved, Commission said in a press release.
The Commission informed that the conditions on prospectus and takeover bid from the Law on Takeover of Joint Stock Companies were not met and should be prepared in accordance with the law. The Commission emphasized that in accordance with the Article 21 paragraph 2 of the Law on Takeover of Joint Stock Companies, the shareholders of the target company must be fully, accurately and timely informed about the takeover bid in order to have sufficient time to properly evaluate the bid, define their interests and make a decision to accept or reject the takeover bid.
From thereon, the Commission concluded that the Article 27 paragraph 3 of the Law on Takeover of Joint Stock Companies cannot be consistently applied due to which the Commission as regulator of capital market must not tolerate the shareholders not to be available to all necessary and relevant data for Balkan Petroleum Holding Limited to make a decision to accept or reject the takeover bid of Makpetrol AD Skopje, press release reads. sk/13:53
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