The majority shareholder of the oilfield service provider Petro Welt Technologies (PeWeTe), Joma Industrial Source, wants to squeeze out the minority shareholders. In a letter to the board, Joma demands to initiate the exclusion, to prepare all the necessary documents and to convene an extraordinary general meeting, Petro Welt announced.
The AGM will then decide that all shares not already owned by Joma or its subsidiary, Petro Welt Holding Limited, will be transferred to Joma. The majority shareholder wants to pay EUR 2.20 per share as cash compensation including dividend rights. Petro Welt operates primarily in Russia and Kazakhstan and says it specializes in services to increase the productivity of new and existing oil and gas formations.
