Big deal gone awry? / Why did Shapna withdraw from the purchase of Shaspa shares? – Tejarat News
According to Tejarat News, on August 15 of this year, Taban Farda Petrochemical Group Company, owned by Targets Investment Company (former oil industry employees’ pension fund), published an advertisement on the Tehran Stock Exchange website of the early offering of 33% of the shares of Sepahan Oil Company (with the symbol Shespa ) announced with a base price of 23 thousand 500 billion tomans; The price, which was criticized at the same time and was said to be much higher than the price of the Shespas stock board. Based on this, the possibility was raised that this deal will not be completed.
Expensive buyers at the expense of small shareholders?
According to the announcement, 18 billion and 700 million shares equivalent to 33.4% of the total shares of Shespa were to be sold in blocks at a base price of 1260 Tomans. This is despite the fact that the price of Shespa’s painting today was 529 Tomans! The condition of Shespa shares at the same time as the offer notice was not better than this and it was far from the price of the offer to the extent that at that time it was said that the offer price was at least three times the price of the share board! This price difference created many questions in the minds of the people of the capital market.
The most interesting point is that at the time of publication of the announcement, the net value of the company’s assets did not exceed 15 thousand billion tomans! Accordingly, at the beginning of the publication of the ad, there were speculations that the shares of Shespa would not be sold, and it seems that the block of shares of this company will remain without customers. However, little by little it became clear that Isfahan Sepahan Oil Company with the symbol Shepna will be the buyer of this supply with a significant figure.
Although the purchase of 33% of Shespa’s shares introduced Shepna as the major shareholder of this company and placed Shespa in Shepna’s possession, however, the purchase was expensive and higher than the price of the panel, and many questions and criticism followed. Shepna managers stated that this purchase is suitable for completing the company’s value chain, but this reason and logic did not justify this expensive purchase. In particular, the main shareholders of Shepna are the Workers’ Welfare Bank, Equity Equity and Pension Funds, and in this transaction, not only the rights of the direct small shareholders were important, but also the rights of the indirect shareholders of Shepna were of great importance.
Based on this, there were many rumors about the efforts of company managers to keep the chairman’s seat, which of course cannot be denied or confirmed, but it caused protests by shareholders and people of the capital market. In this way, a group of capital market residents expressed concern and protest about this transaction in a letter to Mohsen Qadiri, CEO of Isfahan Refinery. Bidarborse has reported that these capital market activists, while requesting that the group respect the interests of the small shareholders, have emphasized that if this is not implemented, that is, if the interests of the small shareholders are not respected, they will file a complaint with the stock exchange organization.
Establishment of the General Inspection Organization of the country in Sepahan Oil
Today it was reported that not only Shapna has withdrawn from the purchase of Shaspa shares, but after the publication of conflicting news regarding the sale of Shaspa’s management block to Shapna at a high price and the protest of Shapna shareholders, the General Inspection Organization of the country established its representative at Sepahan Oil Company. has done.
It should be mentioned that Sahib Arjamand, the financial vice president of Isfahan Refinery, told the stock index about the latest status of Shaspa shares purchase: Preliminary agreements have been made regarding the purchase of Shaspa and the expert report was presented and finalized after the agreements. He had said that if the terms of the transaction change, he will buy the shares of this company, which is considered part of the refinery.
It should be noted that until this moment, the official news about this transaction or the details of its collapse has not been announced.
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