Klaipedos Nafta Falls to 18-Month Low on Finances: Vilnius Mover
Klaipedos Nafta AB (KNF1L), which runs an oil terminal on the Baltic Sea and plans to build a liquefied natural-gas terminal, fell to an 18-month low after the Lithuanian company said it was short of working capital.
The shares fell 3.2 percent to 0.36 euros ($0.46) at 11:30 a.m. in Vilnius, the lowest since May 17, 2011, according to data compiled by Bloomberg. The volume of 26,000 shares was more than four times the three-month daily average.
Klaipedos Nafta, which is 72 percent-owned by the Lithuanian state, published two tenders for financing late on Nov. 9. The first seeks a long-term credit of as much as 73 million euros and a guarantee of $50 million, while the second seeks overdraft services in the amount of 120 million litai ($44.2 million).
Without the extra financing, the company would face a shortage of working capital as early as January, a spokeswoman for the company said, as reported by the Baltic News Service. Most of the new financing is needed for work related to building the LNG terminal, the company said, according to BNS.
To contact the reporter on this story: Bryan Bradley in Vilnius at firstname.lastname@example.org