On its next shareholder meeting due on September 20, Petrom (BSE: SNP) will propose to change the name of the company into OMV Petrom and the modification of the certificate of incorporation, according to a notification sent to Bucharest Stock Exchange.
OMV is currently holding 51.01% equity in Petrom, the other shareholders being the Ministry of Economy with 20.63% and Fondul Proprietatea with 20.11%.
The 45% profit fall in H1 2009 to 923 mln lei was weighed down by crude oil price decline and sagging sales of oil and natural gas. However, the net profit was supported by the risk-hedging instruments as well as by the good performance of the currency exchange rates.
The fall in crude oil prices and dwindling sales have crippled Petrom’s half-year profit, to 923 million lei, down 45% year-on-year. However, second-quarter results topped expectations.
Petrom has a share capital of 5.66 bln lei, divided into 56.64 bln shares with a face value of 0.1 lei.
The market value of the company is €3.5 bln according to last closing quote of 0.2620 lei/share.
Article comments "Petrom to change name to OMV Petrom"
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