Romania delays public offering of 15% in gas distributor Transgaz.

By bne IntelliNews November 2, 2012
The sale of a 15% stake in Romanian state-controlled natural gas distributor Transgaz was delayed as the government failed to reached an agreement with the consultant on the share price, HotNews agency reported. While the consultant - a consortium of Raiffeisen Capital and Investment, Wood&Company Financial Services and BT Securities, proposed a sales price of RON 150-200 per share in the SPO, the government insisted on seeking a higher price of RON 193-212. The latest trade in Transgaz listed shares was operated at a price of RON 187. The SPO was scheduled for October and it is part of Romania's broader state sector reforms programme operated under its loan arrangement with the IMF. The government owns 73.5% in Transgaz, the Property Fund owns 14.9% and the remainder belongs to smaller shareholders.
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