Misen Energy AB (publ) purchased 47.5 % of shares in Misen Enterprises AB

On 13 September 2021, Misen Energy AB (publ) closed the purchase of 47.5% of shares and share capital in Misen Enterprises AB with the Hong Kong based company Powerful United Limited (“PUL“). TCT Holding AB, shareholder of Misen Energy AB (publ), controls PUL indirectly.

The shares’ purchase price was SEK 2,724,817 plus 47.5% of the distributable income from the compensation, if any, to be received following the completion of the investment arbitration against Ukraine in ICSID Case No. ARB/21/15 (“BIT arbitration”). Under the agreement, Misen Energy AB (publ) and PUL undertook to share the costs of the funding, if any, to finance the BIT arbitration. 

As a result, Misen Energy AB (publ) now owns 98% of shares in Misen Enterprises AB.

For further information, please contact:

Göran Wolff, MD

Direct line:  +46 31 759 50 72
Mobile:        +46 709 45 48 48
E-mail:        goran@misenenergy.se
                   info@misenenergy.se

Misen Energy AB (publ) (formerly Svenska Capital Oil AB (publ)) was a Swedish upstream oil and gas company with operations in Ukraine. The company was founded in 2004 and its shares have been traded on Nasdaq First North Growth Market since June 2007. In 2011, Misen Energy AB (publ) acquired Misen Enterprises AB and its Ukrainian subsidiary, LLC Karpatygaz, including the rights to 50.01% of the revenue and profit from a gas production project in Ukraine. Misen Energy AB (publ) acquired the rights to produce hydrocarbons under Joint Activity Agreement No.3 (“JAA No.3“) between Misen Enterprises AB and LLC Karpatygaz (together 50.01%) and JSC Ukrgasvydobuvannya (49.99%), a subsidiary of the NJSC Naftogaz of Ukraine. The purpose of the JAA No.3 was to significantly increase production of hydrocarbons by providing modern technologies via a large-scale investment program for the purposes of attainment of profits.
The JAA No.3 (as amended and restated) was terminated in June 2018. As a result, Misen Energy AB (publ) received compensation that reflected its share of the replacement costs of the equipment subject to the joint ownersip under the JAA No.3. In March 2021, Misen Energy AB (publ) and Misen Enterprises AB innitiated an investment arbitration against Ukraine (ICSID Case No. ARB/21/15) concerning Ukraine‘s breaches of the investor‘s rights resulting from the imposition of a 70% subsoil use charge.
In March 2018, Misen Energy AB (publ) sold 2% of Misen Enterprises AB‘s shares to Mr. Konstantin Guenevski. In September 2021, Misen Energy AB (publ) purchased 47.5% Misen Enterprises AB‘s shares from the Hong Kong based company Powerful United Limited. Owning 98% of Misen Enterprises AB‘s shares, Misen Energy AB (publ) maintains full control of Misen Enterprises AB.
The registered office of Misen Energy AB (publ) is in Stockholm. Misen Energy AB (publ) is listed on Nasdaq First North Growth Market and the Company adheres to the rules and regulations for First North. The Certified Adviser of the Company is Erik Penser Bank AB, tel.: +46 8 463 80 00, email: certifiedadviser@penser.se.
For further information, please visit our website www.misenenergy.se.

This information is information that Misen Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14:00 CEST on 13 September 2021.