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Romanian Fondul Proprietatea sells 4% stake in OMV Petrom

01/20/2022 | 10:14am

BUCHAREST (Reuters) - Romanian investment fund Fondul Proprietatea said on Thursday it has sold roughly 2.28 billion shares in oil and gas group OMV Petrom, majority controlled by Austria's OMV, in an accelerated bookbuilding process.

The shares account for roughly 4% of OMV Petrom and garnered Fondul gross proceeds worth 978.25 million lei, it said in a statement.

The $3.1 billion fund, which is managed by global investment manager Franklin Templeton, was set up to compensate Romanians whose assets were seized under communism. It holds a slew of minority stakes in mostly unlisted state-owned companies.

Fondul has been narrowing the discount between its share price and its net asset value by buying back its stock, financed by divesting small stakes in listed companies such as gas producer Romgaz and OMV Petrom.

Following the transaction, it will retain a 3% stake in the oil and gas firm.

By 1450 GMT, Fondul shares were up 1.2% on the day, while OMV Petrom gained 0.5%.

Earlier this month, Energy Minister Virgil Popescu told Reuters that Fondul will list at least 15% of state-owned hydropower company Hidroelectrica on the Bucharest Stock Exchange without waiting for the government to take part.

(Reporting by Luiza Ilie; Editing by Kirsten Donovan)

© Reuters 2022
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