Romanian government offers discount for Petrom shares

Newsroom 19/07/2011 | 15:29

The Romanian government has decided the minimum sale price for the 9.84 stake in Petrom it is currently offering to be at RON 0.3708 per share, Mediafax reported. The maximum sale price is RON 0.46 per share. At the minimum sale price, the stake which is currently up for sale would bring in a total of RON 2.06 billion.

Monday’s session closing price for Petrom was at RON 0.381 per share. The price was dropped in order to facilitate the sell of the whole offering, and investors are optimistic about the largest transaction on Romania’s capital market.

The 9.84 percent Petrom stake sale is managed by Renaissance Capital, EFG Securities, BT Securities and Romcapital. The offering was opened on July 11 and will close on July 22. This deal is part of the EUR 5 billion agreement with the IMF, World Bank and European Commission that includes privatizations in the energy sectors. Romania pledged that it would sale its minority packages it holds at two other energy groups: Transelectrica and Transgaz.

 

Ovidiu Posirca

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