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Chagala shareholders back takeover offer from Realty Invest Holding

The Caspian-focused oil & gas services provider said it had received acceptances representing 67.08% of the company’s share capital
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RIH initially made the US$2.15 per share offer at the beginning of September

The majority of shareholders in Chagala Group Limited (LON:CGLO) have backed a takeover offer from Kazakhstan-based firm Realty Invest Holding LLP (RIH), and the offer period for acceptance has been closed.

The Caspian-focused oil & gas services provider said it had received acceptances representing 67.08% of the company’s share capital, with RIH having acquired that percentage at a price of US$2.15 per share.

READ: Chagala receives takeover offer valuing Kazakh accommodation firm at US$46mln

RIH initially made the offer at the beginning of September, with its bid 39% higher than a previous bid of US$1.55 put forward by Asian Investment Management earlier this summer.

As a result of the takeover, the existing directors of Chagala agreed to appoint Borko Moric and Bojan Moric as new directors of the company, effective from 11 October.

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