The sale of Conpet stocks might happen as soon as next week, sources say.
The fund hired brokerage firm Intercapital last fall to find a buyer for up to 10% in Conpet and has not reported any sale of Conpet shares ever since. Moreover, it even took the market by surprise by selling its entire Transgaz (TGN.RO) stake, a 4.99 % stake in Romgaz (June 2014) and all the stocks it had in Transelectrica (July 8, 2014).
Fondul Proprietatea wants to take advantage of the favorable market created by the listing of Electrica (EL.RO), and the successful sale of Romgaz and Transelectrica stock that got it RON850 million in the past month and is preparing the sale of the almost 30% it has in Conpet.
Calculated at the latest price, RON48.61/share, the Conpet stake is worth RON125.2 million. However, the fund is expected to sell the shares at a discount as it did with Romgaz and Transelectrica (6% and 8% discounts).
Fondul Proprietatea actually plans to sell its entire Conpet stake, not just 10% as announced in September 2013, the same sources said. The sale should happen next week or in two weeks at the latest, they added. It will be done by private placement available only to qualified investors.
Conpet Ploiesti is an oil transmission monopoly and is state-owned via the Economy Ministry, which holds 58.7% in it. Conpet shares have risen 8% this year. It posted RON14.8 million profit in the first quarter, 19.2% higher than in the year-ago period. Revenue increased by 8.8% to RON91 million.
(English version by Loredana Fratila-Cristescu)