Fondul Proprietatea to accelerate one billion LEI towards asset sales

Fondul Proprietatea has accelerated in the end of the year the process of liquidation of assets in the portfolio, bringing to sale a 23.6 per cent of the stake of Conpet package

2014-12-01 12:31:23 - From the Print Edition

The total value of assets sold by the fund this year will be up to nearly one billion lei, after completion of the transaction at Conpet. According to Ziarul Financiar, Fondul Proprietatea announced in late November its intention to sell a total of up to 2,047,000 shares that it owns at the Conpet oil transport company through a private accelerated placement for qualified investors. Investors in the stock market reacted to the information and the Conpet actions opened the trading session with a decline of 3.7 per cent during the hearing that the shares go down to minus 5.6 per cent.
The package offered for sale is 23.6 per cent of the Conpet share and the fund would remain with a holding of 6.1 per cent of the company after completion of the transaction. The price of 53 lei per share in mid-November put up for sale the package to worth 108.4 million lei, but it is expected that the fund will provide a discount to the market price, as previous sales for Romgaz and Transelectrica shares have done this year.