Fondul Proprietatea holds 20.11% of OMV Petrom shares.
The fund said it reserves the right to increase the size of the sale depending on market conditions.
“The placing shares will be placed in an accelerated private placement exclusively to international and Romanian qualified institutional investors in accordance with the relevant legal provisions of Romanian law,” the fund said in a statement sent to the Bucharest bourse Wednesday.
According to the statement, the fund’s intention is to sell approximately 1 billion placing shares which represents approximately 1.77% of OMV Petrom’s ordinary shares and approximately 8.78% of the fund’s holding in the company.
The price per placing share and the final number of placing shares sold will be determined on completion of the bookbuilding process and will be announced accordingly to the market. Any of OMV Petrom’s shares held by the fund, which will not be sold, shall be subject to a 180 day lock-up, Fondul Proprietatea also said.
The operation will be brokered by the consortium JP Morgan Securities, WOOD&Company Financial Services and Raiffeisen Capital&Investment. JP Morgan Securities will act as sole global coordinator.
On the Bucharest bourse Tuesday, OMV Petrom traded down 2.16% to RON0.4442 a share, which brings the value of the stake put up for sale by Fondul Proprietatea to RON445 million.
OMV Petrom is 51.01%-owned by Austrian group OMV. The Economy Ministry holds a 20.64% stake in the company, while Fondul Proprietatea owns 20.11%.