December 12 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] said that it has received a binding offer from GDF International for the sale of its 11.99% stake in enery distributor Engie Romania for 87 million euro ($93.8 million).
GDF International, part of French utility Engie, is the majority shareholder of Engie Romania. Fondul Proprietatea said its stake in Engie Romania represents 14.53% of its net asset value (NAV) as of end-October.
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The offer is subject to approval by Fondul Proprietatea's shareholders and the completion of other customary conditions, the fund said in a report filed with the Bucharest Stock Exchange on Monday.
Fondul Proprietatea's current market capitalisation stands at 2.8 billion lei ($607.3 million/563.2 million euro).
Fondul Proprietatea's shares traded 4.05% higher at 0.514 lei by 0906 CET on Tuesday on the Bucharest bourse.
($=0.927148 euro)