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Sale of OMV Petrom stake to resume, as subscription falls below 80%

The secondary public offering for the sale of a 9.84-percent stake in OMV Petrom, conducted by the Romanian Ministry of Economy, Trade and Business Milieu (MECMA) via the State Industrial Shareholdings and Privatisation Office ended on Friday, but subscription stood at below 80 percent, the level required to conclude the offering, MECMA reports in a press release.

The release says the Government is determined to observe the calendar of privatisations agreed upon with and pledged to the International Monetary Fund (IMF), the World Bank and the European Commission, and it will monitor the developments in the markets so that it may decide on the best time for the resumption of the sale of the 9.84-percent stake in OMV Petrom.

Trade in OMV Petrom shares ended on Friday at 15:18hrs, local, with the last price of the day standing at RON 0.3762 per share, down 1.90 percent.

MECMA says the fact that the subscription of the Petrom stake failed to reach the desired level does not mean all the targets of the process were missed.

It says that it will go on with the privatisation of the companies operating under its authority through transparent means, and by encouraging a rise in the visibility of the Romanian stock market.

The secondary public offering was conducted July 11-22. The maximum price was RON 0.46 per share.

The Romanian Government could have raised RON 2.56 billion (nearly 610 million euros) and the offering would have been deemed successfully conducted if more than 80 percent of the shares had been sold.

Out of the 5.57 billion shares in the offering, 85 percent was meant for institutional investors and the remaining 15 percent for small investors. The subscription was carried out by the BT Securities, EFG Eurobank Securities, Romcapital and CEC Bank.

Petrom Group is the largest oil and gas group in South-Eastern Europe, with activities on the business segments of exploration and production, refining and marketing as well as gas and power, Agerpres informs. The group consolidated its position on the oil market in South-Eastern Europe following a far-reaching modernisation and efficiency increase process whereas investments accounted for more than 6.6 billion euros during the last six years.

OMV, one of Austria's largest listed industrial companies holds a 51.01-percent stake in Petrom. The Romanian Ministry of Economy holds 20.64 percent of Petrom shares, the Fondul Proprietatea SA holds 20.11 percent; the European Bank for Reconstruction and Development (EBRD) 2.03 percent, while 6.21 percent is free float on the Bucharest Stock Exchange (BVB).

Sursa: http://www.actmedia.eu

Tags: percent petrom offering subscription stake bvb cec

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