Romanian Fondul Proprietatea sells 2.5% stake in OMV Petrom

Local investment fund Fondul Proprietatea will sell 1.45 billion shares in the oil & gas producer OMV Petrom (SNP) through private placement, the fund’s manager announced on Tuesday, September 19. The offer, which stands for 2.56% of the company’s shares, is estimated at RON 424.5 million (EUR 92.3 million). It is addressed only to institutional investors. Members of the general public are not eligible to take part in this transaction. A consortium made of Goldman Sachs, Wood & Co and local lender BCR manages the placement. The 1.45 billion shares represent a fifth of the fund’s stake in OMV Petrom, which is now 12.56%. The SNP shares had a closing price of RON 0.2920 per share yesterday. Fondul Proprietatea sold a 6.4% stake in OMV Petrom in October 2015 at RON 0.2100 per share. OMV Petrom recorded a net profit of RON 1.21 billion (EUR 263 million) in the first six months of this year, triple compared to the same period last year. The growth was mainly due to higher oil prices. Fondul Proprietatea is looking to sell several important assets in its portfolio, including the 20% stake in electricity producer Hidroelectrica. Fondul Proprietatea ponders selling stake in Hidroelectrica Romanian Fondul Proprietatea wants to sell stakes in Electrica subsidiaries editor@romania-insider.com