Property Fund sells Transelectrica stake for EUR 48.4 mln

The Property Fund (FP) has exited grid operator Transelectrica, following the sale of its 13.5 percent stake in the state-owned company.

The FP said on Wednesday it raised RON 212.6 million (EUR 48.4) from selling 9.89 million shares through a private placement on the Bucharest Stock Exchange (BVB). The pricing per share was RON 21.5.

Shares in Transelectrica closed at RON 22 on Tuesday, after losing 5.9 percent. They were up 0.82 percent to RON 22.18 on Wednesday by lunch trading on the BVB.

Raiffeisen Bank and UniCredit have acted as joint global coordinators and joint bookrunners for this transaction. SSIF Broker was the joint lead manager.

The transaction comes less than a month after the FP, which is managed by Franklin Templeton, sold a 4.9 percent stake in state gas producer Romgaz for EUR 147 million. Following the sale the FP still holds a 10 percent stake in the energy company.

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FP shares gained 0.6 percent to RON 0.8525 by lunch trading on the BVB.

Ovidiu Posirca