Shin Kong Wedbush has completed the settlement for its Phase I investment in 45% of the equity in Nobel Oil Group based in Russia. HongKong’s Oriental Patron has acquired 5% equity stake. The original Russian shareholders maintain their 50% stake.The name of the new holding company is Nobel Holdings Investments Limited ("Nobel").
Shin Kong Wedbush has agreed to invest US$ 300 million in aggregation in this transaction. The US$ 150 million in Phase I investment includes $ 100 million for the purchase of equity stake from Russian shareholders and $ 50 million for Nobel's operating expenses. In Phase II, the remaining US$ 150million is to be used within 9 months for acquiring and developing oil reserve assets (approximately 150 million barrels) in close proximity to Nobel's existing oilfields.
