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Sale offer of 9.48% in Petrom to run as of Monday

The Bucharest Stock Exchange (BVB) will run, as of Monday, through its electronic system, the secondary public sale offering of shares held by the Ministry of Economy, Trade and Business Environment in OMV Petrom, reads a BVB release.

The state wants to sell 9.84% in Petrom (5,573,780,260 shares) at a maximum price of 0.46 lei/share. The offer price will be determined for each tranche through a bookbuilding process presented in the offer prospectus.

If the stake put up for sale is bought entirely at the maximum price, the state will get some 2.564 billion lei.

The offer period is July 11-22.

The shares will be offered in two tranches - the retail one and the institutional one. The retail tranche is for individuals and targets 15% of the total number of shares offered, and through the institutional tranche the remaining 85% of shares are offered to non-individual investors.

Investors can subscribe minimum 3,000 OMV Petrom shares, in trading blocks of 1,000 shares.

The offer will be run through the brokerage syndicate formed of Renaissance Capital Limited, SSIF EFG Eurobank Securities SA, SSIF BT Securities SA and SSIF Romcapital SA.

'The Fitch decision, which upgraded Romania's rating to investment grade, helps very much OMV Petrom offer, facilitating the access of funds, which could invest only in the markets with investment grade, to buy shares on the Romanian capital market. I believe that the launch of the secondary public offering of OMV Petrom shares on BVB will boost private companies to list,' said BVB general manager Valentin Ionescu.

OMV, one of the largest public industrial companies in Austria, holds 51.01% in Petrom. The Economy Ministry holds 20.64% in Petrom, the Proprietatea Fund owns 20.11%, the European Bank for Reconstruction and Development - 2.03% and 6.21% is trade freely on BVB. After the sale of 9.84% in Petrom, the Romanian state will remain with 10.79%.

Sursa: http://www.actmedia.eu

Tags: shares petrom offer bvb

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