SEPT. 3 2015 (The Conway Bulletin) – Shares in Toronto- and London listed Tethys Petroleum, whose focus is on oil and gas production and exploration in Central Asia, fell significantly after rival Nostrum on Aug. 28 cut a third off the value of an earlier buyout offer.
Tethys shares in Toronto fell by 20% and in London by 29.3%. Tethys responded by saying that it would honour the exclusivity agreement with Nostrum and then look to other companies for potential buyers.
Nostrum said that it had cut its offer after a new due diligence project showed that the original offer had overvalued the company.
In mining, shares in London-listed KAZ Minerals lost 14.2% of their value between Aug. 28 and Sept. 4, wiping gains from August’s devaluation.
KAZ Minerals used to be called Kazakhmys and is focused on copper production.
The Global Depositary Receipts (GDRs) of TBC Bank, which are traded in London, fell by around 8% over the week to $9.12, the lowest price to date for the bank.
TBC, which is the largest retail bank in Georgia and counts PM Irakli Garibashvili as a director, has been trading its GDRs in London since 2014.
The Georgian economy, like the rest of the region, has been dealing with the fallout from the slowdown in Russia’s economy. Georgia is also vulnerable to Greece, its second largest source of remittances. There was no particular news from TBC that would have pressures its GDRs.
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(News report from Issue No. 280, published on May 13 2016)