Adolf Lundin records profits of SKr630M on shares this year
Dagens Industri (Sweden), September 8
Adolf Lundin, the Swedish oil magnate, sold his shares in Lundin Oil, the Swedish oil company, for SKr1Bn in June after the shares had risen by 100 percent on the Stockholm stock exchange. Mr Lundin's investment company, Vostok Nafta, is also doing very well and its share price has increased by 123 percent since the beginning of this year, increasing the value of the shares held by the Lundin family in the company by SKr130M.
Mr Lundin has made a profit of SKr630M from his shares in Lundin Oil and Vostok Nafta this year. Mr Lundin will now focus on Lundin Petroleum, another of his companies, following the sale of his shares in Lundin Oil.
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Vostok Nafta's share price is on the increase
Dagens Industri (Sweden), September 8
Vostok Nafta, the Swedish investment company headed by Adolf Lundin, the Swedish financier, has recovered since the Asian crisis. The company's share price has risen by 123 percent during the year so far, a rise which is attributable to a number of Russian oil and gas shares in Vostok Nafta's portfolio which have significantly increased in value.
According to Mr Lundin, the Russian oil and gas sectors are currently undervalued and the Moscow stock exchange will rise in the future. About 60 percent of Vostok Nafta's capital is placed in Gazprom, the Russian oil and gas company. Mr Lundin is chairman of Vostok Nafta and owns 25.5 percent of the company. The value of this stake has risen by SKr130M this year. |
