“Following the completion of the bookbuilding process for the private placement on the Bucharest Stock Exchange of ordinary shares held by the Fund in Conpet, the final number of the offered shares is 2,047,095 ordinary shares of the company and the price per share is RON 48.75,” Franklin Templeton, the sole administrator of Fondul Proprietatea, said in a statement.
At Tuesday’s closing price of RON53 a share, the fund’s 23.6% stake in Conpet was valued at RON108.5 million (EUR24.48 million).
Following the sale, the fund’s stake in Conpet will be reduced from 29.7% to 6.1%.
In June, Fondul Proprietatea also sold dollar-denominated global depositary receipts, or GDRs, in state-run natural gas producer Romgaz Medias (SNG. RO) worth 212.12 million lei ($65.3 million) at an accelerated bookbuild offering. It raised RON644.6 million at the offering.
The fund also raised RON212.7 million from selling its stake of 13.5% in state-run power grid operator Transelectrica (TEL.RO) via an accelerated bookbuild in July.
Conpet is 58.71% owned by the Economy Ministry while investment fund Fondul Proprietatea holds a 29.7% stake. (EUR1=RON4.4319)