The prospectus for the 15% SPO of Romania’s natural gas grid operator Transgaz was sent to the securities commission CNVM and the government is expected to endorse the price tag next week, Ziarul Financiar daily reported. As reported, the SPO was postponed last autumn exactly on disagreements between the government and the consultant on the price of the stake. While the consultant proposed a sales price of RON 150-200 per share, the government insisted on seeking a higher price of RON 193-212. The company’s shares were traded at that time around RON 187. Their market value, however, has risen since then and the closing price on March 28, 2013 was RON 214. The company’s market capitalisation was RON 2.52bn (some EUR 570mn) at this price.
The SPO will be carried in April, as scheduled by the government under the broad IPO and SPO revised calendar agreed with the IMF. Initially, the SPO should have been carried last October. Nonetheless, the investors’ interest is particularly high for stakes in more focal companies like Romgaz, Hidroelectrica and Nuclearelectrica. The sale of a 15% stake in Transgaz comes after Romania sold 15% of power grid operator Transelectrica under an SPO last year.
The government owns 73.5% in Transgaz, the Property Fund owns 14.9% and the remainder belongs to smaller shareholders.
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