EBRD sells its 1.6 percent stake in Petrom

Newsroom 15/11/2013 | 12:16

The European Bank for Reconstruction and Development (EBRD) announced on Thursday it had sold it 1.6 percent equity stake in Romania’s oil major OMV Petrom, in a portfolio management move.

According to business daily Ziarul Financiar, the bank raised EUR 87.6 million from the sale of shares, which were slightly discounted from the closing price of RON 0.4511 on Wednesday.

“Our exit from Petrom is proof of Romania’s attractiveness to institutional investors. We are proud to have contributed to making Petrom the successful, strong and attractive company it is today,” said Eric Rasmussen, EBRD’s director, natural resources.

The EBRD became a shareholder in Petrom in 2004, with a 2.03 percent stake, to support the privatization of the state-owned company. Austria’s OMV took over a 51 percent stake in the company by July 2004.

The bank sold a 0.4 percent stake in the oil and gas producer in November 2012 for EUR 18.8 million.

“The success of this sale reflects strong investor demand for Petrom shares and support for management’s business strategy,” said Mariana Gheorghe, CEO of Petrom.

Shares in OMV Petrom rose by 0.9 percent to RON 0.4500 on Friday afternoon trading on the Bucharest Stock Exchange (BSE).