MEI and Raiffeisen ask for board seats at PTR

A group of foreign and Romanian investment funds holding over 10% in the capital of Rompetrol Well Services (PTR) asked for managers to be elected through the cumulative voting method so as that they may appoint their own representative in the company's Board of Directors, given that they deem the price included in the tender bid submitted by Kazakhstan's KazMunaiGaz as unattractive. The shareholders that made the proposal are several investment funds managed by Netherlands' MEI, that owns around 5.9% in PTR, and three Romanian funds managed by Raiffeisen Asset Management and SIF Banat-Crisana. The demand by the group of minority shareholders in the company comes just one day before the tender offer submitted by Rompetrol, controlled by KazMunaiGaz, expires. The latter offered a price of 0.43 RON/share for stock owned by the minority stakeholders in Rompetrol Well Services, accounting for 48% in the company's capital, with the total value of the bid amounting to 57m RON (13.8m euros). The Dutch at MEI estimated the fair price stands at over 1 RON/share, on the basis of indicators other companies in the field traded at, also quoting the company's financial position and its high profitability margins.