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31 March 2008
Closed Joint Stock Company GEOTECH Holding Co. announces that a private placement of $100 million in equity was completed March 31, 2008 by way of additional issuance of shares in GEOTECH OIL SERVICES HOLDING LIMITED.
GEOTECH OIL SERVICES HOLDING LIMITED (Cyprus) is the parent company of ZAO GEOTECH Holding’s Group. Following the above private placement, three major international funds, Farallon Capital Management, AIG Private Equity, and Black River Asset Management, acquired newly issued shares in the Company. In keeping with the private placement terms and conditions, persons representing new investors, namely Farallon Capital Management and AIG Private Equity, joined the Board of Directors of ZAO GEOTECH Holding Company. The investors hold slightly more than 20% in GEOTECH OIL SERVICES HOLDING LIMITED.
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