Fondul Proprietatea will initiate a partial sale of its stake in OMV Petrom, through a public offering on both shares and Global Depositary Receipts, the offer will be completed in Q4 this year, a notice published on Friday on the website of the Bucharest Stock Exchange (BVB) reads.
“The offer will consist only of the shares held by the Fund. The Company will conduct a capital increase in connection with the public offering and will not receive any income from it. The shares and GDRs will be offered to natural persons investors and to institutional investors in Romania through a public offer. (…) The Fund’s partial cut of the stake in OMV Petrom S.A. aims to increase the company’s number of shares available for free float,” the document reads.
According to the source, the Fund holds at the moment about 19% of the issued share capital of the company (representing 22.87% of the Fund’s NAV on August 31, 2016) and aims to increase the liquidity of the company’s shares and, at the same time, to remain a long-term investor dedicated to the successful development of the company.
Regarding the remaining stake in OMV Petrom S.A., the Fund has agreed for a period of prohibition for sale of 360 days after the bid’s closing date, subject to certain exceptions.
“In the offer, Goldman Sachs International will act as Sole Global Coordinator and as Joint Bookrunner of the transaction whereas the Romanian Commercial Bank, Erste Group and WOOD & Company will act as Joint Bookrunners. Full details regarding the offer will be included in the prospectus to be published in the coming period,” the document reads.