Petrolina: Good start under the circumstances

Petroleum company Petrolina Holdings, which yesterday made its debut on the CSE, opened and closed below its issue price. The share opened at 64 cents, registering a day high of 66 and a low of 61 cents. The average trading price was 63,4 cents, while the share closed at the opening level of 64 cents. The issue price for the stock had been 70 cents per share. Shares worth more than £0,5m changed hands, making Petrolina the sixth most traded share on the stock market yesterday. The company accounted for 4,13% of trading volume.

Petrolina Managing Director Kikis Lefkaritis said he was satisfied with the company’s opening price: “Given the current climate, the fact that we made it to 64 cents is more than enough,” he said, adding that “the share will gradually assume its proper value”. He said an investment in Petrolina was worthwhile: “it is a serious company with unlimited prospects and it belongs to the Cypriot people”.
Mr. Lefkaritis said the £15m raised by the company would be used to upgrade its petrol stations, fully automate liquid gas production and start becoming involved in aircraft fuel supplies. According to Mr. Lefkaritis, the company would be in a position to start supplying aircraft fuel as early as February/March 2001.

Construction company Nemesis will be today’s newcomer to the stock exchange.