UPDATE Proprietatea Fund sells part of its stake in OMV Petrom

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Fondul Proprietatea (Proprietatea Fund) will sell part of its stake in OMV Petrom, following a similar move last year, when it sold 6.4% of the company’s shares, a press release informs.

FP, the second most traded issuer on the capital market, will thus sell a 2.56% stake in OMV Petrom by private placement to institutional investors, meaning 1.454 billion existing shares. According to an announcement sent to Bucharest Stock Exchange, the value of the stake amounts to RON 399,850,000.

Petrom will not receive any proceeds from the Transaction, the release also reads.
Subject to successful settlement completion, the Fund’s remaining participation in Petrom is of 9.9985% of its share capital.

The placement is to be initiated immediately, the FP release reads. The deal is conducted by Goldman Sachs, Wood and BCR.

Last autumn FP sold a 6.4% stake in OMV Petrom, equivalent to 3.6 billion shares amounting to RON 760 million.

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