“We’re confident the offering will be successful once market conditions stabilize,” said John Porter, managing director, head of Financing Group at Renaissance Capital.
The government pulled a secondary offering on Petrom’s shares earlier Friday, due to weak demand, saying the process will resume once market conditions allow it.
The offer took place between July 11 and July 22. Minimum price was set at 0.3708 lei (EUR0.087) a share, while maximum price was RON0.46 a share.
Friday, Petrom’s shares closed down 1.9% at RON0.3762 in Bucharest.
A consortium formed of Russian investment bank Renaissance Capital and Romanian brokerage firms BT Securities, Romcapital and EFG Securities brokered the operation.
Romania, through the Economy Ministry, holds 20.6% in Petrom and estimated it would obtained between RON2.06 billion (EUR484 million) and RON2.56 billion (EUR610 million) from the sale of a 9.84% stake.
OMV Petrom is 51.01%-owned by Austrian OMV, which didn’t take part in the share offering. (EUR1=RON4.2233)