EQS-News: Petro Welt Technologies AG: Squeeze-out entered into the Companies Register of the Commercial Court of Vienna with effect as of 4 August 2023
The squeeze-out pursuant to the Austrian Squeeze-Out Act resolved at the 18th Annual General Meeting on 27 June 2023 under agenda item 7 was today entered into the Companies Register of the Commercial Court of Vienna with effect as of 4 August 2023. With the entry of the resolution on the squeeze-out into the Companies Register all shares of the minority shareholders, with the exception of those shares held by Petro Welt Holding Limited being affiliated with the majority shareholder, have been transferred to the majority shareholder Joma Industrial Source Corp. As of 4 August 2023, the share certificates of the minority shareholders will only certify the claim to cash compensation. The minority shareholders will be informed separately about the modalities and date of payment of the cash compensation.
Furthermore, the Management Board has applied to the Frankfurt Stock Exchange, where the shares of Petro Welt Technologies AG, ISIN AT0000A00Y78, are admitted to official trading in the market segment Regulated Market with additional post-admission obligations (Prime Standard), to officially revoke the admission to trading. Trading in the shares of Petro Welt Technologies AG has already been suspended.
About Petro Welt Technologies AG
Petro Welt Technologies AG, domiciled in Vienna, is one of the leading and first established oilfield services companies in the CIS and is specialized in services which increase the productivity of new as well as existing oil and gas formations. Following the sale of the operating subsidiaries in Russia and the withdrawal from the Omani market, the company is currently focusing on Kazakhstan.
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The squeeze-out pursuant to the Austrian Squeeze-Out Act resolved at the 18th Annual General Meeting on 27 June 2023 under agenda item 7 was today entered into the Companies Register of the Commercial Court of Vienna with effect as of 4 August 2023. With the entry of the resolution on the squeeze-out into the Companies Register all shares of the minority shareholders, with the exception of those shares held by Petro Welt Holding Limited being affiliated with the majority shareholder, have been transferred to the majority shareholder Joma Industrial Source Corp. As of 4 August 2023, the share certificates of the minority shareholders will only certify the claim to cash compensation. The minority shareholders will be informed separately about the modalities and date of payment of the cash compensation. 
