Romania's Fondul Proprietatea exits from entire stake in Transgaz
Romanian restitution fund Fondul Proprietatea said it sold its 15% stake in gas grid operator Transgaz SA on the Bucharest Stock Exchange. Transgaz is a state-owned company in Romania.
According to a report by Reuters, Fodul Proprietatea sold 1,764,620 shares in Transgaz for RON172 per share. The exit deal raised RON303.5 million ($94 million) in total.
Fodul Proprietatea is a $4.7 billion fund that holds minority stakes in a slew of state-owned firms. It was set up to compensate Romanians whose assets were seized under communism, the report said.
Fondul Proprietatea, in a statement released on Thursday, said the sale represents a disposal of the fund's entire stake in the company. It added that the sale was multiple-times oversubscribed.
Earlier this month, Fondul Proprietatea said it planned to sell about 10% stake in the gas grid operator, Reuters said.
The Romanian government in April of this year raised RON315 million ($95 million) by selling a minority stake in Transgaz. It sold 1.76 million shares priced at RON179 apiece, Bloomberg said in a separate report.