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Romania to sell 26.29 per cent stake it holds in Rompetrol Rafinare

The Romanian state will hold an outcry auction to sell 26.29 per cent stake it holds in Rompetrol Rafinare SA Constanta (RRC), for at least 200 million US dollars, according to the Privatization Strategy of Rompetrol Rafinare adopted by the Government this week.

2015-07-30 18:16:25

"The Government approved the Privatization Strategy of Rompetrol Rafinare on Tuesday, through a Resolution. It refers to the organisation of an outcry auction where the state intends to sell a 11,775,349,451-share package, representing 26.6959 per cent of the share capital of Rompetrol Rafinare S.A. Constanta (RRC), with the ask price to be at least equal to the nominal value of the share package in question," reads a release of the Government.

However, a higher or a smaller price than the initial offer price can be reached at the outcry auction (competitive bidding), depending on the interest shown by the investors. According to the Privatization Strategy, the total price for the share package will not be smaller than 200 million US dollars, or the sale won′t take place.

The memorandum concluded on February 15, 2013, as approved by the Romanian Government, through its decision No. 35/2014, plus subsequent amendments, regulates the general terms of a complex transaction between the Romanian state and The Rompetrol Group (after March 6, 2014 called KMG International N.V.), owned by the KazMunayGas, which are divided into four major components: a purchase commitment made by KMG International N.V. or an affiliated company of a minority share package representing 26.6959 per cent of the share capital of Rompetrol Rafinare, at a minimum price of 200 million US dollars; a guarantee from the Romanian state that will continue to hold 18 per cent of the share capital of the RRC for at least three years; the creation of an investment fund as a stock company, with the purpose of investing in energy projects in Romania; as a preliminary step before making the transaction all litigations must cease and all the administrative measures initiated by the Ministry of Public Finances against the RRC, as following the conversion into shares of the bonds held by the Romanian state that the RRC didn′t managed to buy back in due time.

According to the GEO [Government Emergency Ordinance] No. 86 of 2014 and GO No. 42/2015, the Romanian state exercises its rights as shareholder of RRC through the Ministry of Energy, Small and Medium Enterprises and the Business Environment. The Rompetrol Rafinare S.A. Constanta stocks are listed on the Bucharest Stock Exchange (BVB), The company′s share capital stands at 4.41 billion lei and KMG International N.V. Netherlands - 48.1136 per cent of the share, the Romanian state - 44.6959 per cent and other shareholders 7.1905 per cent.



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