Thus, Euromin - a Cyprus-registered subsidiary of the Vitol oil trader - now holds 103,395,234 shares in Ventspils Nafta or a 98.96 percent stake.
Other shareholders still have 5,025,169 Ventspils Nafta shares or 1.04 percent of all shares. Euromin will have to make a final takeover bid on these shares to achieve its aim of total ownership and potential delisting.
According to estimates by the BNS newswire, Euromin paid around €23m million for Ventspils Nafta shares.
On October 19 Euromin announced a mandatory buyout offer for Venspils Nafta. It wanted to offer a price of 3.12 euros per share but the Latvian Financial and Capital Market Commission approved the buyout offer at a much higher price – 4.56 euros - even though the share price had rocketed just before details of the buyout were released.
Euromin has subsequently filed a lawsuit demanding up to €10m compensation from the Latvian Financial and Capital Market Commission in a dispute over the price Euromin was required to pay for Ventspils Nafta shares.
Euromin representatives said they would complain about the Latvian financial regulator's decision to Latvian administrative courts and if necessary to the Court of Justice of the European Union.
The Latvian Finance and Capital Markets Commission (FKTK) has turned to the police in relation to possible use of inside information and market manipulation with shares in Latvia's Ventspils Nafta holding.
Ventspils Nafta is the central holding company in an oil transit group based in the port city of Ventspils. It is a key asset and battles for its ownership have raged for many years.
Ventspils Nafta is quoted on the Main List of the Nasdaq Riga stock exchange but the shareholders in early December are expected to take a decision about delisting the company's shares.
