Government establishes minim price for Petrom shares

The state is selling half of the approximately 20 percent Petrom the shares it holds at a minimum price of 37 bani per share.

The government took the decision on Tuesday in order to ensure a minimum amount it could obtain after the market period that ends this week.

This minimum price represents the average value Petrom shares had registered within the last 52 weeks and this means that none of the 5 billion OMV Petrom shares will be sold under 0.3708 lei.

The minister of economy, Ion Ariton, says the market shows good signs and he is convinced the expected value will be exceeded.
15 percent of the shares are for natural persons, and the rest of 85 percent are investment institution shares.

The minister of economy says that Transelectrica and Transgaz shares will be just as interesting, as they will be for sale starting October and the end of the year.

Ion Ariton explained what the money would be used for by the government.

"You know the amounts come from buy-outs and will be used to finance the budget deficit. When the budget receives the money, the pressure on the budget will go down, thus larger investment amounts could be used in the following period. Considering the Transelectrica and Transgaz shares, the package will be very interesting and the results of the sale will be very good", Ion Ariton stated.

The offering period for Petrom shares ends on Friday, when, according to the minister of economy, the results of the transaction will be shared with the media.

The offer ends successfully and the shares will be sold only if investors have cumulative stock of minimum 80 percent of the 9.84 percent listed.

This is how the shares money will be used by the state. The government decided the minimum price should be 37 bani per share.

Translate by: Tudor Ciocanel
MA Student, MTTLC, Bucharest University