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Fondul Proprietatea wants to sell 5% of the Romgaz shares, package worth 155 million euro

Fondul Proprietatea (FP) wants to sell, in a private accelerated placement, a package representing 4.99% of the Romgaz Medias shares (SNG) evaluated at 685 million lei (155.7 million euro) depending on the most recent quotation from the stock exchange.

The shares will be sold in a private accelerated placement destined to qualified investors and other investors, without exceeding 150 natural persons or judicial persons per member state, according to a press release published on Monday by FP. The placement will start immediately.

FP owns 14.99% of the Romgaz shares, and supposing that the available shares in the trading will be sold total, the fund will own later on 10.01% of the company.

The price of Romgaz shares dropped on Monday on the BVB by 0.43% at 35.6 lei. At this price, the market capitalisation is 13.72 billion lei ( 3.11 billion euro).

Goldman Sachs International will act as bookrunner of the trading, and Erste Group Bank AG will act as joint lead manager.

The Romgaz company is controlled by the state through the ministry of economy which owns 70% of the bonds. A package of 15% represents free float of the company.