Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

Renaissance Capital: Petrom offering will be successfully completed when market conditions stabilise

The investors' risk appetitive, particularly in the case of capital markets they are unfamiliar with, is quite limited, given the difficult conditions on the world markets and their worsening during the marketing process conducted for the Petrom offering, Renaissance Capital Managing Director and Head of Financing Group, one of the arrangers of the Petrom secondary offering, says in a press release issued on Friday.

Porter says the company will continue its cooperation with the Romanian Government as they are trustful the Petrom offering can be successfully completed when the market conditions get stable.

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.

BT Securities CEO Rares Nilas say the Petrom offering can be successfully resumed when mistrust has been overcome.

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. 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: offering petrom percent conditions market capital successfully bvb cec

Articole similare