“According to the memorandum, the figure representing the level of subscriptions based on which it is set the price of the offer for the institutional investors’ category must be of 150%,” according to Government spokesperson Andrei Zaharescu, citing the memorandum on the terms and conditions of the operation drafted by the Economy Ministry.
Zaharescu added the development of the offering, which targets the sale of a 15% stake in Transgaz, has not been settled yet.
Romania has pledged to the International Monetary Fund IMF to sell stakes in some companies on the Bucharest Stock Exchange , including a 15% stake in Transgaz, 10% in state-owned energy producer Nuclearelectrica and 10% in insolvent hydropower producer Hidroelectrica.
The country’s Securities’ Commission CNVM is currently analyzing the offering for selling a 15% stake in Transgaz.
The offering is brokered by the consortium made of brokerage companies Raiffeisen Capital&Investment, Wood&Company Financial Services and BT Securities.
Transgaz was listed on the Bucharest Stock Exchange at the beginning of 2008. The Economy Ministry owns a 73.5% stake, investment fund Fondul Proprietatea has almost 15% of its shares and the rest is distributed among minority shareholders.
Wednesday, Transgaz closed flat on the day, at RON185.6 a share. (EUR1=RON4.5641)