News of Gazprom divesting shares leads to rise of Amber Grid
News of Russia's Gazprom selling its 37% stake in Amber Grid was apparently welcomed by investors. The latter's shares rose to 8.8% early in August and was up to 7.3% on Tuesday morning. Data gathered by Bloomberg showed that Amber Grid was now valued at EUR 126 million or USD 170 million.
Amber Grid is a natural gas transmission firm based in Lithuania. The Lithuanian government holds an 18% stake in Amber Grid. According to a report by BNS, a news outlet, the government of the Baltic nation had asked Gazprom to sell its stake in Amber Grid so that it would comply with the competition rules of the European Union. The news service also reported that Gazprom as ready to divest itself of its stake.
Swedbank Head of Equity Trading Marius Ignotas told Bloomberg by email, "Any sale would probably take place at a higher-than-market price, since preliminary estimates show the company is worth more than its current market capitalization."