Petroleum Industry of Serbia made decision on transformation into open joint-stock company

The Shareholders' Assembly of the Petroleum Industry of Serbia (NIS) made the decision today (June 21, 2010) on transformation of that company from the closed into an open joint-stock company.

The President of the NIS Shareholders' Assembly and Serbian Minister of Energy Petar Škundrić said that the transformation of NIS and its appearance on the Stock Exchange were in accordance with the agreement on sale of 51% of the capital of the Serbian company to Gazpromneft.

- That process represents another important phase in the national economy reform - said Škundrić.

New versions of the Founding Act of NIS, the company's Statute, the Regulations governing the work of the Shareholders Assembly, and the Regulations governing the work of the Supervisory Board, which are necessary for transformation of the company, were also adopted at the NIS Annual Shareholders Meeting.

The NIS Shareholders Assembly also adopted the financial report and the consolidated report for year 2009, as well as the audit reports of independent auditor - PriceWaterHouse Coopers.

The Shareholders Assembly again appointed PriceWaterHouse Coopers to audit the financial reports of NIS for year 2010.

The NIS Shareholders' Assembly has appointed members of the Managing Board and the Supervisory Board.