Romanian gas grid operator Transgaz’s 15% SPO on track for April launch.

By bne IntelliNews March 29, 2013

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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Uzbekistan announces $500mn in backing for projects in rare earths

Uzbekistan is to invest $500mn in backing promising projects in the mining of rare earth elements (REE), the presidential press service has announced. The country’s ... more

Russia for first time overtakes Turkmenistan in gas exports to China

Russia in February for the first time overtook Turkmenistan on a monthly basis to become the largest pipeline supplier of natural gas to China, according to General Administration of Customs of China ... more

Ukraine's DTEK seeks $350mn to restore energy capacity after Russian attacks

Ukraine's leading private energy company, DTEK, has sounded the alarm, indicating an urgent need for $350mn to recuperate lost capacity resulting from Russia's relentless assaults on thermal power ... more

Follow Us On

Most Read

  1. The models are wrong, climate change is accelerating faster than predicted
    6 days ago
  2. Russia already treating Bosnia’s Republika Srpska as an independent state
    6 days ago
  3. Cheap Russian drones overwhelm US-made Abrams tanks, taken out of action
    5 days ago
  4. Putinomics: Russia’s oil and gas revenue to double in April
    6 days ago
  5. Kuwait reacts angrily to being cut out of Iraq and Turkey’s transport project
    6 days ago
  1. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  2. Saudi Arabia to scale back plans for Neom city
    21 days ago
  3. Iran vs Israel: Who is better equipped for war?
    18 days ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    1 month ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    6 months ago

Reports

Dismiss