NIS submitted request for inclusion of shares in stock trading - Agreement on commencement of trading and price of shares prior to August 21st

- The Petroleum Industry of Serbia (NIS) submitted the request today (August 16, 2010) to the Belgrade Stock Exchange for inclusion of its shares in the prime market - people in the Stock Exchange told Beta agency.

According to the Belgrade Stock Exchange's rules of quotation and listing, if the submitted documentation is complete, the Commission determines the date for commencement of trading and the price of shares within five working days.

Starting price for the first trading is the calculated value of shares. That price is obtained when total assets are reduced by the amount of losses above the amount of capital, the amount of long-term reservations and obligations and postponed tax obligations, and then divided by total number of shares.

The Petroleum Industry of Serbia will be the fourth company in the prime market of the Belgrade Stock Exchange, which is the market for first-class shares that meet the conditions for real stock trading. Other companies in that market are Energoprojeket Holding, Sojaprotein, and Tigar.

NIS made the decision in late June on transformation into an open joint-stock company. According to some earlier announcements, the appearance of the company in the Stock Exchange is postponed until early September.

According to the data provided by the Central Securities Registry, total of 163,060,400 shares of NIS are registered with the nominal value of RSD 500 per share, that is, with total value of 81.53 billion dinars.

Russian Gazpromneft owns 51% or 83,160,800 shares, while the Republic of Serbia kept 29.9% of shares in its possession. Remaining shares - 19.1%, are in the hands of former and current employees of NIS, 4.8m citizens of Serbia who got the shares for free, as well as few companies and citizens who acquired shares at the time when NIS was a closed joint-stock company.