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Aware: 03/15/2021 4:21 PM
Updated 5:03 PM
Bankas Medicines Building in Vilnius. Photo by Vladimir Ivanovo (VŽ)
The Medicinos Bankas share purchase agreement between Konstantinas Karosas and Western Petroleum Limited and its buyer Nitino Shelke has ended.
Medicinos Bankas announced it through the stock exchange. According to him, the termination of the share purchase agreement will not affect the bank’s operations or its further strategy.
A press release issued by Medicinos Bankas announces that the agreement has been terminated by K. Karosas.
It did so after the European Central Bank decided not to oppose Mr. Karos and his company, Western Petroleum Limited, to acquire voting rights in Medicinos Bankas.
“The ECB’s decision will allow us to specify the condition of shareholder of Medicinos Bankas and to exercise shareholder rights without restrictions. One stage is over, it’s time to open a blank slate and continue building long-term bank value. I am not saying “no” to the sale of the bank, but there is no need to rush at this point, it is a strategic decision that takes time to prepare well, “K. Karosas is quoted in the report.
In accordance with the ECB’s decision, all voting rights attached to the shares were transferred to UAB MB Valdymas, which is 100% controlled by K. Karosas. Karos currently owns 90.13% of the bank’s shares and Western Petroleum Limited owns 9.87%.
In May last year, VŽ announced that K. Karosas, the main shareholder of Medicinos bankas, heir to the shares of the late main shareholder Saulius Karosas, and Western Petroleum Limited had signed an agreement to sell 100% of the bank’s shares. shares to N. Shelke, a businessman from the United Arab Emirates, founder and chairman of the board of the Growmore Group.
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