The Financial Supervision Authority (ASF) has approved the prospectus for the secondary public offering (SPO) in Alro by Russian Vimetco and Conef.
The offering includes around 383.7 million shares with a nominal value of RON 0.5 per share. The SPO will be carried out between July 2 – July 16.
Vimetco and Alro had more than 673 million shares in Alro at the end of 2017, meaning that they are putting for sale a stake of around 43 percent. Vimetco held a stake of 84.1 percent in the company at the end of last year.
According to the prospectus, the maximum price for the retail tranche stands at RON 6.18 per share. In the case of institutional investors, Alro says it will sell “at any price up to the maximum price.”
The intermediaries of the SPO are Deutsche Bank AG and UBS Investment Bank (Global Coordinators) and BCR, BRD – Groupe Societe Generale, BT Capital Partners, Raiffeisen Centrobank and Banca IMI S.p.a. (Joint Bookrunners).
Vimetco shares were up 5.26 percent to RON 3.8 on Wednesday morning trading on the Bucharest Stock Exchange.