Romania to sell stake in Petrom in July, could raise EUR 610 million through secondary offer

Romania will sell a 9.84 percent stake in oil and gas company Petrom (symbol SNP) in a public offer between July 11 and 22, at a maximum price of RON 0.46 per share, according to an announcement from Renaissance Capital investment bank. Petrom's shares were trading at RON 0.4 on the Bucharest Stock Exchange. Romania will sell 5.5 billion Petrom shares, most of which destined for institutional investors, while only 15 percent will target retail investors. The Romanian state could thus raise a maximum of EUR 610 million from this public offer. Brokerage companies BT Securities, EFG Eurobank Securities, Romcapital and CEC Bank will intermediate the subscription. editor@romania-insider.com (photo source: Romania-Insider.com)