London-based Balkan Petroleum Holding Limited has announced its intention to take over Macedonian fuel retailer Makpetrol, offering a price of MKD25,908 (€421) per share, the Macedonian Stock Exchange said on June 9.

Makpetrol dominates the fuel retail market in the country, but has a serious competitor, Russian owned Lukoil, which opened its first filling station in 2006.

The takeover plans, which were filed through the authorised person, Petar Stojanovski, were published in the daily Utrinski Vesnik, the MSE said.

The bourse also said it has received a written notification of the company's intentions, but has informed the Securities Commission that Stojanovski has not so far submitted authorisation documents.

In August 2015, the president of Makpetrol’s board Andreja Josifovski and a dozen of the company's managers were charged with transferring the ownership of 20% of Makpetrol's shares to Oilco, another company under Josifovski’s control, which deals with the transport of oil. Makpetrol's bank account was blocked at the time, but later was unfrozen allowing the company to resume operations.

Josifovski is also owner of Telma Television, one of the few broadcasters in Macedonia not under government control.

Makpetrol is part of the MSE blue-chip index, MBI10.

A total of 112,382 Makpetrol shares are traded on the bourse with market capitalisation of €23.8mn. The company’s stock closed at MKD18,000 on June 8, 0.5% up from a day earlier.