At Wednesday’s price of RON51 a share, the fund’s stake in Conpet is valued at RON104.4 million (EUR23.6 million).
The fund is offering up to 2.047.095 Conpet ordinary shares in a private placement addressed to qualified investors.
Wood & Company Financial Services is acting as sole global coordinator and sole bookrunner in the transaction, while BRD – Groupe Societe Generale (BRD.RO) is acting as co-manager.
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 posted a 10.7% growth in turnover in the first half of the year, to RON186.17 million, and 6.4% higher than targeted, as transport revenues increased by RON17.7 million. In the first half of 2013, the company had a turnover of RON168.17 million.
Conpet is 58.71% owned by the Economy Ministry while investment fund Fondul Proprietatea holds a 29.7% stake. (EUR1=RON4.4269)