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Pan European Terminals agrees takeover by Belphar

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Pan European Terminals agrees takeover by Belphar

Wed, 21 May 2014
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Pan European Terminals agrees takeover by Belphar

Oil terminal operator Pan European Terminals (PET) has agreed a 23.4m pounds takeover bid from one of its shareholders.

Belphar Ltd has agreed to pay 22p per share for PET, which runs oil storage and transhipment sites in Denmark, Russia and the Netherlands.

British Virgin Islands-based Belphar, which is owned by Khofiz Shakhidi, has a 29.9% stake in PET.

PET's Chief Executive Simon Escott said: "We welcome the opportunities that will be afforded to the company by joining a group with experience and knowledge of working in the former Soviet Union."

Shares in PET rose 6p or 40% to 21p at 15:30 in London.

PW