ORGANIZATION AND OPERATIONS OF THE COMPANY
Petrol Ofisi A.S. was incorporated in Turkey in 1941 as a State Economic Enterprise and is engaged primarily in the supply and marketing of fuel from domestic and foreign markets, the organization of distribution and storing, the additional sales of refinery subsidiary products, the production of all types of grease and lubricants and their by-products, blending, the establishment of blending and production facilities, whole and retail sales, import and export. The Group has 8 regional offices, 3.394 service stations (Petrol Ofisi: 3.086, Kipet: 84, Erk: 224), 2 lubricant blending plants, 11 fuel and 2 LPG terminal, 1 office and 28 aviation supply units. As of September 30, 2007, the number of personnel is 1.177. (December 31, 2006: 1.204).
The Company is registered in Turkey and the address of the registered office is as follows:
Eski Büyükdere Caddesi No: 37, 34398 Maslak, Istanbul
The shares of the Company are quoted to Istanbul Stock Exchange Market (ISE) since 1991.
The main shareholders of the Company are Dogan Sirketler Grubu Holding A.S. (“Dogan Holding”) and OMV Aktiengesellschaft (“OMV”).
On 24 January 2006, Dogan Holding sold shares with a nominal amount of TRY 26.090.625, which corresponds to 6,25% of Company’s capital, with a price of TRY 5,35 per share, with TRY 1 nominal value, in the Wholesale Market to 32 corporate investors through the agency of Deutche Bank A.G. After the sale, Dogan Holding’s share in Company’s capital decreased to 86,73%.Since Dogan Holding A.S. was the dominant shareholder of the Company before the sale, the sales operation did not lead to any changes in the management and control of Petrol Ofisi A.S.
As a result of the negotiations with leading ...