Mali: NIS sale agreement signed, transaction awaiting approval from competition authorities in Serbia and BiH

An agreement has been signed for the Hungarian company MOL to acquire the majority Russian-held stake in Naftna industrija Srbije (NIS). The transaction now awaits approval from the relevant competition authorities in Serbia and Bosnia and Herzegovina, stated Sinisa Mali, Minister of Finance in the caretaker government.

He noted that a written agreement had also been reached with the Hungarian side, under which Serbia would increase its ownership stake in NIS from 30% to 35%.

In an interview with Bloomberg Adria TV, Mali explained that negotiations between the current Russian owners and Hungary's MOL had been successfully concluded and that the State of Serbia had reached a separate shareholders' agreement with the incoming majority owner.

– An agreement has been reached between the Russian side, the current majority owner, and Hungary's MOL. The contract has been signed. As a state, we have also concluded a shareholders' agreement with the Hungarian side. All that remains is to obtain the necessary approvals from the relevant antitrust authorities. "I expect the applications to be submitted soon - both in Serbia and, if I am not mistaken, in Bosnia and Herzegovina - and for the transaction to be completed very quickly – said Mali, adding that once the necessary regulatory approvals were obtained, the formal closing of the agreement would follow, thereby concluding the process of changing the ownership structure of the largest oil company in Serbia.

NIS a.d. Novi Sad

Naftna industrija Srbije

NIS

Gazpromneft

MOL

Siniša Mali

sale of NIS