Romanian Government to set price targets for gas company Romgaz’s stock market listing

The Romanian Government is to set on Friday (October 18) the minimum and maximum share prices for listing 15 percent in the gas company Romgaz on the stock exchange. According to some sources quoted by the local media, Romgaz’s listing will be considered a success if it will raise over EUR 450 million. Previous estimations showed that the gas company’s listing might raise as much as EUR 600 million. The offer is expected to be finished by end-2013. In recent a statement, the company said it planned to apply for the shares to be traded on the Bucharest Stock Exchange and for global depository receipts (GDRs) to be admitted to the London Stock Exchange. If the listing will be successful, the Romanian Ministry of Economy's participation in the company will drop to some 70 percent, while Fondul Proprietatea will keep its 15 percent stake. The gas company’s stock market listing is part of the agreement with the International Monetary Fund (IMF). Irina Popescu, irina.popescu@romania-insider.com