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Gov't has set minimum price for Petrom stake at 0.3708 / lei per share

The Government has set, on Tuesday, the minimum price for Petrom shares to be sold on the stock exchange at 0.3708 lei / share, according to government representatives.

The highest offer in the history of the Stock exchange, through which the state intends to sell 9.84 percent stake in OMV Petrom (SNP), runs from July 11 to 22, at a set maximum price of 0.46 lei / share.

The state can collect up to 2.56 billion lei (about 610 million euros). The offer will be considered successfully completed if more than 80 percent of the share package is sold. Of the 5.57 billion shares, subject to the offer, 85 percent will be for institutional investors and the remaining 15 percent - small investors. The subscription will be achieved through brokerage houses BT Securities, EFG Eurobank Securities, Romcapital and CEC Bank.

Ariton: Proposed minimum price is an average of transactions value with Petrom shares in past 52 weeks

The minimum price fixed by the Government, when putting up the sale offer of Petrom stake, on stock exchange, is an average of transactions value with Petrom shares in the past 52 weeks, said on Tuesday, after the Executive's meeting, the Minister of Economy, Ion Ariton .

'We believe it is a real and feasible starting price. We expect to cash more than this value at the end of transaction', said the Minister of Economy. He said that market signals are positive and reminded two elements related to the development of OMV Petrom - the extension for another five years of Neptun exploration perimeter in the Black Sea basin and a natural gas deposit discovery in Gorj County.

Ariton also said that in the first days of the offering subscriptions were lower, but appreciated that the offer will end successfully and the money raised will go beyond the proposed minimum price. The Minister of Economy confirmed that there is a legal possibility for the Petrom stake to be withdrawn and put up for sale later, if at least 80 percent of the shares are not bought, but that he is convinced this will not happen .

Sursa: http://www.actmedia.eu

Tags: price petrom offer percent shares share minimum stake cec

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