Zagreb, January 14 – Based on the INA’s Management Board Decision from December 22, 2010 restructuring process of company SINACO as a Member of INA Group has started. Intention of restructuring is to allocate part of a business that is associated with security activities into new company. Given that security issues are not associated with INA’s core business, INA's MB decided to sell that part of SINACO’s activities on a public tender. The sale process starts today by announcement in the media. SINACO will continue to work in its core business - fire protection, protection at work and protection of environment and will remain part of INA Group.
Given that security activities generally do not make core business of oil industries, INA’s management wants, by restructuring of SINACO and by divesting SINACO’s security operations into a separate company and ultimately from INA Group, to strengthen the company and to enable SINACO to fully dedicate to the basic operations of fire protection, protection at work and protection of environment and to provide quality service to INA and other partners. Fire protection, protection at work and protection of environment are indispensable part of INA Group’s business policy and the company has permanent obligation and strives to operate by the principles of sustainable development and best business practices.
Up to a total of 150 employees will be transferred from SINACO to the newly established company. A certain number of SINACO security officers, after the medical exam and fulfilled requirements, will be transferred to SINACO’s fire-brigades and other segments of Ina.
During the complete sales process, INA will cooperate with the trade unions. Furthermore, the company has already started negotiations with the social partners pertaining to a social clause for the transferred employees.
"The sale of the security business of SINACO is in line with our strategy. An oil and energy company is not the best place to run the business of security activities, as it can be much better operated by a specialist security company. Focusing on core businesses INA can be more efficient, competitive and more productive towards reaching the goal of making the company regional leader. "- said Mr. Zoltán Áldott, President of Management Board of INA d.d.
Non-binding Letters of Intent for the purchase of the new company will be accepted until February 2. After that, INA’s MB shall invite potential bidders to conduct due diligence and to submit their binding bids. It is expected that sales process shall be finished by the end of the first quarter 2011.
Click here for announcement in word
General Shareholders’ Assembly held
INA - INDUSTRIJA NAFTE, d.d. held the General Shareholders’ Assembly attended by 9.830.706 votes or 98,3% of 10,000,000 votes in total.