“I can tell you that the subscription ratio was lower (than expected) in the first days. Usually, most of the bids are made late in the offering period and this is why we only announced the minimum price three days before closing,” Ariton told a news conference.
“I’m confident we will exceed the 80% threshold and we’ll see a 100% subscription,” he added.
Last week, the government launched a secondary public offer for a 9.84% stake in Petrom. The minimum price was set at 0.3708 lei (EUR0.087) a share, while the maximum price can’t exceed RON0.46 a share.
The offer will be deemed successful if at least 80% of the stock is sold.
Monday, Petrom’s shares closed at RON0.381 in Bucharest.
In Ariton’s opinion, two elements will be decisive for the offering’s success: the five-year extension of Petrom’s exploitation rights in Neptun perimeter, in the Black Sea area, and the recent natural gas discovery in Totea locality, Gorj county.
“These two elements, together with Romania’s economic evolution make us believe that the offering will be successful,” he said.
Ariton said the proceedings from the sale will be used to cover the budget deficit.
Romania estimates will obtain between RON2.06 billion (EUR484 million) and RON2.56 billion (EUR610 million) from the sale, provided all shares are subscribed. (EUR1=RON4.2685)