Romania's Romgaz plans vertical integration with power and gas supply operations
The management of Romanian, state-controlled natural gas company Romgaz (BVB: SNG) will ask for shareholders’ approval for taking steps towards buying a natural gas and electricity supplier, according to the documents sent ahead of the April 11/12 shareholder meeting.
The company asked the shareholders’ approval for “the acquisition of legal consulting services, assistance and/or external legal representation necessary for the acquisition of a package of shares/assets/in the case of a business transfer, from a company that operates in the field of electricity and natural gas supply," Bursa.ro reported.
Romgaz reported a preliminary net profit of RON2.8bn (+10.4% y/y), or EUR 560 million, while its total revenues amounted to RON 9.4 billion (-31.4% y/y, EUR 1.9 billion).
The company’s market capitalization is RON 19.8 billion (EUR 4 billion).
iulian@romania-insider.com
(Photo source: Inquam Photos/Adel Al-Haddad)
