Alfa Banking Group subsidiary sells stake in Regal Petroleum
Oct. 4, 2011, 12:04 p.m. | Business
— by Interfax-Ukraine
Cyprus-based Alfa Capital Holdings Ltd, which is part of Alfa Banking Group, has sold its 9.92% stake in British oil and gas company Regal Petroleum Plc, a company which has Ukrainian assets.
Regal said in statement filed on the website of the London Stock Exchange (LSE) that Alfa Capital has sold 31.8 million shares through Alfa-Bank and ABH Financial Ltd.
As a result, Alfa Capital no longer owns shares in Regal.
It was earlier reported that Cyprus-based Alfa Capital had acquired 31.8 million shares in Regal through Alfa-Bank and ABH Financial Limited at the end of September 2011.
Prior to this, Alfa Capital Holdings had never held shares in Regal Petroleum.
At the start of August, Regal restarted production operations at the Mekhediviska-Golotvshinska (MEX-GOL) and Svyrydivske (SV) gas condensate fields (both based in Poltava region).
The Kyiv District Administrative Court earlier lifted the Ukrainian Natural Resources Ministry's ban on development at Regal's fields and also upended court proceedings that had been ongoing since March 2010.
During the court proceedings, Regal's shares fell significantly in value while the controlling share packet in the company was purchased by Energees Management, which is controlled by businessman Vadim Novinsky.
Alfa Banking Group unites Alfa-Bank, its Kazakh subsidiary, Holland's Amsterdam Trade Bank, U.S. company Alforma Capital Markets, Cyprus Alfa Capital Holding and various SPV ventures.