Weather New York, NY +67°F


Romania's Fondul Proprietatea exits from entire stake in Transgaz

(Credit: Reuters) Earlier this year, the Romanian government sold a large stake of the gas operator Transgaz. Now more state owned-enterprises seem likely to be sold.Transgaz SA
December 12
5:36 AM 2013

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.  

© 2019 VCPOST, All rights reserved. Do not reproduce without permission.


Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics