EQS-Adhoc: Petro Welt Technologies AG: Majority shareholder Joma requests to exclude the minority shareholders according to Section 1 of the Austrian Squeeze-Out Act
Petro Welt Technologies AG ? Majority shareholder Joma requests to exclude the minority shareholders according to Section 1 (1) of the Austrian Squeeze-Out Act (Gesellschafter-Ausschlussgesetz)
Vienna, September 7, 2022
Joma Industrial Source Corp. (?Joma?) has today sent a letter to the Management Board of Petro Welt Technologies AG (?PeWeTe?) requesting to initiate the process of squeezing-out the minority shareholders pursuant to Section 1 (1) of the Austrian Squeeze-Out Act, to prepare all necessary reports and documents and to call an extraordinary general meeting of PeWeTe.
The subject of the extraordinary general meeting shall be the resolution on the exclusion of the minority shareholders pursuant to Section 1 (1) of the Austrian Squeeze-out Act and transfer of all shares not held by Joma or its indirect subsidiary Petro Welt Holding Limited to Joma against payment of adequate cash compensation pursuant to Section 2 of the Austrian Squeeze-Out Act.
The cash compensation price is EUR 2.20 per share including dividend entitlements. The cash compensation was determined by Joma on the basis of a group valuation carried out by Grant Thornton Austria GmbH Wirtschaftspr?fungs- und Steuerberatungsgesellschaft, which was calculated as if the recent sale of the subsidiaries in Russia had not taken place.
About Petro Welt Technologies AG
Petro Welt Technologies AG, headquartered in Vienna, is one of the leading, early established OFS companies in Russia and the CIS, specializing in services to increase the productivity of new and existing oil and gas formations.
Konstantin Huber (Male Huber Friends GmbH)
T: +43 699 1172 68 14
07-Sep-2022 CET/CEST News transmitted by EQS Group AG. www.eqs.comLanguage: English Company: Petro Welt Technologies AG K?rntner Ring 11-13 1010 Vienna
Austria Phone: +43 1 535 23 20-0 Fax: +43 1 535 23 20-20 E-mail: email@example.com Internet: www.pewete.com ISIN: AT0000A00Y78 WKN: A0JKWU Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1437343 ? End of Announcement EQS News Service