Ascultă Radio România Actualitaţi Live

Romanian state to sell part of Petrom shares

The total package of shares in Petrom, the state put up for sale through the stock exchange, is about 5.6 billion shares. Out of these, 85 percent are available to institutional investors and 15 percent can be bought by anyone.

Romanian state to sell part of Petrom shares
Photo: Reuters archive.

Articol de Sergiu Şteţ, 12 Iulie 2011, 09:05

Since Monday for two weeks there can be submitted applications for the Petrom shares.

The company, controlled by the Austrian OMV oil concern, was already listed on the stock exchange, so that the state privatized through the Bucharest Stock Exchange almost 10 percent of Petrom shares, just over half of the still held actions.

Of the total number of shares offered for sale, 15 percent were allocated to private investors, individuals.

The total package, the state put up for sale through the stock exchange, was about 5.6 billion shares.

85 percent of the shares are available to institutional investors – banks, investment funds or companies – and the remaining 15 percent can be purchased by anyone through a distribution network offer.

The maximum that can be offered to investors for each share is 46 bani.

The purchase offer must be at least 3 000 shares. For the maximum acceptable price, this means nearly 1 400 lei.

‘The investors can buy the Petrom shares through the networks of three banks in charge of distribution’, President Intercapital Invest Răzvan Paşol said.

‘Investors can contact the bank network of CEC Bank, Banca Transilvania and Bancpost. There the subscription procedure is very simple.’

‘By showing an ID, the individual fills in a form, deposits the subscription money and the shares are purchased’, Răzvan Paşol said.

The maximum – 46 bani per share

From a technical standpoint, the state privatized half of its owned Petrom possession. By the end of next week each person or institutional investor concerned may submit an offer announcing the number of shares they want to buy and the price they offer.

In late July, the Petrom shares, offered for sale by the Romanian state will be allocated to investors. Those offering to higher prices have priority, without exceeding, however, the 46 bani per share.

At equal prices, the shares return to the investor who submitted the offer earlier. The persons interested in buying Petrom shares must take into account that they can already purchase them through the Stock Exchange.

Monday at noon, the Petrom share had the price of 40 bani, meaning with six bani less than the maximum of the ongoing public offer.

Moreover, the price of the maximum public offering, 46 bani, went up a ban from the last year. The minimum price of one Petrom share, in the past year was 30 bani.


Translated by: Iulia Florescu
MA Student, MTTLC, Bucharest University

State sells EUR 1.3 billion bonds
News in English 26 Noiembrie 2010, 09:06

State sells EUR 1.3 billion bonds

The Ministry of Finance borrowed EUR 1.3 billion by selling three-year bonds, above the planned amount of one billion, at 4.8...

State sells EUR 1.3 billion bonds
PSD, PNL, UDMR and national minorities could resume negotiations to form a government
News in English 20 Decembrie 2024, 20:00

PSD, PNL, UDMR and national minorities could resume negotiations to form a government

There are signs that negotiations for the new government, in the PSD, PNL, UDMR and national minorities formula, could...

PSD, PNL, UDMR and national minorities could resume negotiations to form a government
The two chambers of Parliament will meet on Saturday to validate the mandates of the newly-elected representatives
News in English 20 Decembrie 2024, 19:59

The two chambers of Parliament will meet on Saturday to validate the mandates of the newly-elected representatives

The Senate and the Chamber of Deputies, in the formula resulting from the parliamentary elections, held separate plenary...

The two chambers of Parliament will meet on Saturday to validate the mandates of the newly-elected representatives
New MPs prepare for validation of mandates
News in English 19 Decembrie 2024, 19:03

New MPs prepare for validation of mandates

The newly-elected representatives will go to the Senate on Thursday, December 19, for the preparatory activities to validate...

New MPs prepare for validation of mandates
PSD withdraws from talks to form a new government
News in English 19 Decembrie 2024, 19:02

PSD withdraws from talks to form a new government

Prime Minister Marcel Ciolacu has announced that PSD is withdrawing from the talks to form a new government, but is not...

PSD withdraws from talks to form a new government
New government must be in place by the end of the year, says Marcel Ciolacu
News in English 18 Decembrie 2024, 13:44

New government must be in place by the end of the year, says Marcel Ciolacu

A new pro-European government must be in place by the end of the year to put an end to the period of uncertainty the country...

New government must be in place by the end of the year, says Marcel Ciolacu
The National Audiovisual Council has decided to remove several videos published online
News in English 18 Decembrie 2024, 13:43

The National Audiovisual Council has decided to remove several videos published online

The National Audiovisual Council has issued decisions requiring the removal of illegal content identified online. This...

The National Audiovisual Council has decided to remove several videos published online
The draft law to amend the status of MPs was not adopted
News in English 16 Decembrie 2024, 23:29

The draft law to amend the status of MPs was not adopted

The bill to amend the statute of senators and deputies failed to get the required number of votes to be adopted in...

The draft law to amend the status of MPs was not adopted