Corporate news

General Meeting Invitation

Management Board of Petrokemija d.d. adopted the Decision on convening and invites you to participate in the work of Extraordinary General meeting of Petrokemija d.d. Kutina that will be held at the Company headquarters on Monday 11 December 2017 at 12.00 hrs.

You can download an invitation to the Extraordinary General Assembly here

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All facilities in operation

After successful repair of a technical failure of electricity supply due to the drop-out of the 110/10 kV transformer, all plants for mineral fertilizer production are in regular operation, according to production plans.  

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Notification of Changes in the Court Register

In accordance with the provisions of the Capital Market Act, the Companies Act and the Rules of the Zagreb Stock Exchange, we announce that the Zagreb Commercial Court, pursuant to the Decision of the Court under business number Tt-17 / 39155-2 of 18 October 2017, entered into its Court Register the decision on simplified reduction of share capital and change of the provisions of the Articles of Association of Petrokemija d.d. Fertilizer Company, based in Kutina, Aleja Vukovar 4, in a register insert with company number (MBS) 080004355, ID (OIB) 24503685008.

By the decision of the General Meeting of 11 October 2017, in order to cover the losses from the previous period and to lower the value for the purpose of remedying the company, the Company share capital was reduced from HRK 386,135,400.00 by the amount of HRK 343,231,470.00 to the amount of HRK 42,903,930.00.

Due to the reduction of the share capital and the reduction of the nominal amount of the share from HRK 30.00 to HRK 3.333, merging of three shares of HRK 3.333 nominal value was executed for the purpose of rounding up the nominal share value to the amount of HRK 10.00, so the individual nominal share value after the reduction of share capital is HRK 10.00.

In accordance with the decision of the General Meeting of 11 October 2017, the Management Board of the Company is obliged to conduct the reduction of the share capital.

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Production stoppage

Late afternoon on Monday, there was an interruption of electricity supply due to the drop-out of the 110/10 kV transformer at the Electricity Distribution plant, which caused the shutdown of all production facilities. Repairing the failure is in progress and a part of the production facilities has started up. Petrokemija will report on the restart of the entire production later.

The temporary stoppage of the mineral fertilizer production plants will not negatively affect the end-users in agriculture since Petrokemija has sufficient reserves of mineral fertilizer to supply the domestic and regional markets with all types of fertilizers until the production is resumed.

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Decisions of the Company General Meeting

The General Meeting of Petrokemija, Plc. was held on 11 October 2017 at the Company headquarters. It was attended by 11.213.856  votes or 87,12 %  of the total 12,871,180 votes.
The General Meeting adopted the following decisions: 
• Decision on simplified reduction of the Company share capital by merging of shares (Item 2. of the Agenda)
• Decision on amendment of the Articles of Association (Item 3. of the Agenda) in accordance with the decision proposals attached to the Invitation to the General Meeting published on 1 September 2017 on the website of the Zagreb Stock Exchange, HINA and Petrokemija, Plc., as well as in the Official Register of Prescribed Information (Hanfa) and Court Register.

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Additional time for due diligence

Following the Invitation for Bids for recapitalization of Petrokemija d.d., in the deadline, 22 September 2017, stated in the Invitation, the Company received binding offers from several interested bidders. The potential investors' offers were submitted to the Restructuring and Sale Center and the State Property Ministry for further proceedings. Based on the approval of the Supervisory Board and the Restructuring and Sale Center, the Company will provide additional time in the period from 4 to 23 October 2017 for due diligence process for potential strategic partners and investors who have submitted bids for participation in recapitalization in the restructuring process of Petrokemija.  

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Information on completion of bidding process

Following the expressed indicative interest in the recapitalization of Petrokemija d.d., due diligence analyses of the Company were carried out by interested potential investors from 10 July to 31 August 2017. After the analyses were completed, the investors were invited to submit binding bids in accordance with the Restructuring Program of Petrokemija d.d. - Concretization of the proposal of the restructuring concept by recapitalization with a private investor, by September 22, 2017. By the deadline stated in the Invitation and in the notice of extension of the bidding deadline,  the Company has received binding bids from several interested bidders. Potential investors' offers were submitted to the Restructuring and Sale Center and the State Property Ministry for further proceedings.

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Implementation of the Energy Efficiency Project

In accordance with the Contract  on implementation of Energy Efficiency Projects - Modernization of the Electric Motor Drive Systems at Water - 2 Plant, Energy Plant and Pakra Pump Station and a Part of External Lighting System - signed between Petrokemija d.d. and HEP ESCO d.o.o., all these projects have been successfully implemented as planned. The whole process, involving the modernization of the systems, from the feasibility study through main projects to the installation of equipment and commissioning was carried out by the own know-how of experts of Petrokemija d.d. and HEP ESCO-d.o.o. 

This investment in energy efficiency measures achieves savings in electricity consumption of about 3.4 GWh per year, with a two-year investment return period.

In addition to the modernization of electric motor drives and lighting, a remote sensing of energy products has been introduced and ESCO Monitor® has been installed to support the introduction of energy management system in accordance with ISO 50001 standard. ESCO Monitor® is a computerized business management system that provides insight into consumption, analysis and planning of consumption, monitoring and control, and early detection and alarm in case of changes in energy consumption.

By realization of energy efficiency projects, Petrokemija d.d. proves the traceability of the basic principles in accordance with the successfully introduced ISO 50001 energy management system and will thus continue to implement all other planned investments to further reduce energy consumption.

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