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Oilko KDA Takeover of Makpetrol Gets North Macedonia’s SEC Approval

 |  February 20, 2024

North Macedonia’s Securities and Exchange Commission (SEC) has given the green light to fuel storage and transport company Oilko KDA to proceed with its planned takeover of local fuel retailer Makpetrol. The approval, announced on Tuesday, marks a significant development in the country’s energy sector.

According to the SEC notice, Oilko KDA will extend a takeover offer at a price of 67,001 denars ($1,173/1,087 euro) per share to acquire the 72,644 shares it does not currently own in Makpetrol. This offer targets a substantial 64.64% stake in Makpetrol, which would consolidate Oilko KDA’s position in the market.

Currently holding a 22.87% stake in Makpetrol, Oilko KDA aims to strengthen its presence and influence within the energy industry through this strategic acquisition. The offer price represents a premium over the recent trading average, indicating Oilko’s confidence in the potential synergies and value that could be unlocked through the merger.

Makpetrol, a prominent player in the local fuel retail sector, has seen its shares trade at an average price of 65,500 denars on the Macedonian Stock Exchange (MSE) as of Monday, according to the latest available data. This suggests that Oilko’s offer presents an attractive opportunity for Makpetrol shareholders to realize a favorable return on their investment.

Interestingly, Oilko’s shares have not been subject to regular trading activity on the MSE over the past year, underscoring the uniqueness of this takeover bid and its potential to reshape the dynamics of the energy market in North Macedonia.

The proposed acquisition is expected to undergo further scrutiny and evaluation by both regulatory authorities and shareholders before its completion. However, if successful, it could pave the way for enhanced operational efficiencies, expanded market reach, and increased competitiveness for the combined entity. With the SEC’s approval, Oilko KDA is poised to take significant strides towards solidifying its position as a key player in North Macedonia’s energy industry.

Source: See News