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EBRD buys Romgaz shares of 50 million euro

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EBRD took over 1.9% of Romgaz shares at the initial public offer representing 13% of the package sold by the state for the equivalent in lei of 50 million euro (about 225.5 million lei). “The managerial board of EBRD approved an investment in shares held by Romania with Romgaz company. EBRD will take over 1,9%” according to a decision of 29 October released on Tuesday.

 

EBRD wants to help Romgaz improve its corporate governing, internal control systems and environment management practices, the bank announcement shows. The Romanian state sold 15% of Romgaz shares on the Exchange for 1.7 billion lei (534 million dollars).

 

Investors bought 36% of Romgaz shares as deposit certificates to be listed on the London Exchange, the rest of 64% being bought directly as shares to be listed on the Bucharest Exchange.Investors placed orders of 2.8 billion euro. 204 institutional investors made subscriptions of 1.7 billion euro and 11,903 retail investors subscribed with 1.1 billion euro.

 

The highest order placed by small investors was of 249 million lei. According to data presented on Friday by the Department for Energy of the Ministry of Economy, an international financial institution bought 13% of shared sold. At that moment Romanian state representatives did not offer data about the investor.

 

The state launched on 22 October the offer for the sale of 15% of Romgaz shares at prices between 24 and 32 lei/share, estimating a gain between 1.38 billion and 1.85 billion lei (415.6 million euro).

Following the offer, the Ministry of Economy will hold about 70% of Romgaz shares while 14.9% belong to Property Fund. Previously the state had 85% of Romgaz shares.

 

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