Finnish investment fund KJK Fund sold its 7% stake in Romanian oil pipe operator Conpet Ploiesti for RON 61.8 million (EUR 13.2 million). The fund sold its shares at a price of RON 101.

KJK had invested in Conpet in 2014, when the Conpet share price was under RON 50. The fund also cashed in significant dividends from the company, totaling almost RON 40 per share, in the last three years. It thus more than tripled the money invested in the Romanian company.

Romanian investment fund SIF Banat-Crisana bought a 6.5% stake in Conpet from KJK for EUR 12.2 million.

Conpet is a state-controlled company that operates the oil transport pipes in Romania. The company serves the oil companies that have refineries in Romania, namely OMV Petrom, LukOil and Rompetrol. It had a turnover of RON 411 million and a net profit of RON 73.6 million in 2017.

editor@romania-insider.com