Korea bids for taking over 0.65% of the former Braila naval shipyard

Publish date: Astazi, 03-11-2009
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The Korean company STX Shipbuilding the major stakeholder of STX RO Offshore Braila ( former Santier Naval Braila) will present between 3 and 23 November a bid, through which they want to acquire 0.65% of the shipyard's capital, for the total sum of 1.36 million lei.Thus, STX Shipbuilding wants to buy through the STX Norway Offshore the 433.111 shares of the shipyard at a price of 3.15 lei/unit, after the National Commission of Assets approved the bidding document. The operation will be helped by the KBC Securities brokerage house, NewsIn says.

During the second half of August, AIPC ( the Association of Investors on the Capital market) required the CNVM to show what sanctions were given to STX Shipbuilding, the stakeholder of the former Santier Naval Braila (SNBB) because they had not made public their takeover. Santierul Naval Braial was owned until 2003 by Scandior but later it went under the control of the Norwegian company Aker Yards which took over Scandinor. According to the most recent report on the BVB site, SNBB is controlled - 94.12% by Scandinor, controlled by STX Europe, part of the South Korean group STX Shipbuilding, which took over the Norwegian ship builder Aker Yards at the beginning of last year.
According to the capital market law, a shareholder who has more than 33%, 50% respectively of the social capital of a company is obliged to make the taking over bid public in a maximum of two months since the deadline.

The South Korean naval company STX Shipbuilding had announced in August 2008 that they owned 88.37% of the Aker Yards shares, following an investment of 425 million euro made to double the ownership and as a result to control the naval shipyard in Braila. As a result, at the end of last year, the shareholders of the Aker Braila shipyard (SNBN) decided to change the name of the company in STX Ro Offshore Braila.
The STX Ro Offshore Braila shares trade at the first category of Rasdaq under the symbol SNBB, the company having a market value of 171.8 million lei ( 40 million euro) at 2.59 lei quota established in the trading session of 10 August.

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