Fondul Proprietatea will possibly sell more than 4% of OMV Petrom, a similar transaction at the end of last year evaluating a 4% package at about 216.5 million euro. Contacted by energynomics.ro, the FP officials said they are analyzing all possibilities regarding the size of the package that will be put up for sale, without offering further details.
Fondul Proprietatea manager, Franklin Templeton, informed the shareholders that, ”as part of its ongoing commitment to increase value for shareholders and improve the liquidity of the assets in the Fund’s portfolio, the Fund is reviewing strategic options to potentially reduce its ownership interest in OMV Petrom S.A. (the “Company”) to below a 15% holding, subject to appropriate market conditions and required approvals.”
European Bank for Reconstruction and Development (EBRD) sold a stake of 1.6% in OMV Petrom in November 2013, for which it received 86.6 million euro.
”Our review is in its early stages and there is no defined timetable for any decision. Further announcements will be made as and when relevant,” states a release.
The Fund currently holds 19% of the issued share capital of the Company (representing 33.66% of the Fund’s NAV as at 31 January 2014) and aims to enhance the trading liquidity of the Company’s shares ”while remaining committed to its successful development.”
Last year FP sold through a private placement, all of the 14.98% stake owned Transgaz (TGN) for 303.51 million lei (68.2 million euro). Also, FP announced that it wants to sell 10% of Conpet.