September 21 (SeeNews) - Romanian investment fund Fondul Proprietatea [BSE: FP] has sold a 2.5% shareholding interest in oil and gas group OMV Petrom [BSE:SNP] for 399.85 million lei ($105 million/87 million), Bucharest Stock Exchange (BVB) data shows.
Before Wednesday's transaction Fondul Proprietatea owned 12.6% of OMV Petrom's share capital.
Fondul Proprietatea sold 1.454 billion existing shares in OMV Petrom at an agreed price of 0.2750 lei per share, the fund said in a filing to the BVB late on Wednesday.
Now, Fondul owns 9.9985% of OMV Petrom's shares.
Goldman Sachs International, WOOD & Company Financial Services,A.S. and Banca Comerciala Romana acted as joint bookrunners for the transaction.
Petrom will not receive any proceeds from the transaction.
In 2016, Fondul Proprietatea sold a 6.4% stake in OMV Petrom for 682 million lei in four separate transactions. Before the sale Fondul Proprietatea owned 19% of OMV Petrom.
OMV Petrom's net profit tripled year-on-year to 1.21 billion lei in the first half of 2017 on the back of increased oil prices, strong refining margins, higher demand for the company's products and strict cost discipline.
Since 2015, Fondul Proprietatea has accelerated the sale of stakes in various companies. At the beginning of September, the fund, a shareholder in majority state-owned Hidroelectrica, said that it is reviewing strategic options regarding its stake in the hydro power producer.
In mid-August, it said it has started procedures for a potential disposal of its ownership interest in Enel Romania and Engie Romania. The fund has been trying to sell these assets since 2012 in an effort to reduce the number of unlisted companies in its portfolio.
In July, Romanian power distributor and supplier Electrica [BSE:EL] signed a 752 million lei memorandum of understanding for the buyout of minority stakes in four of its subsidiaries from the fund.
During 2016, the fund also sold its stakes in the Romanian units of German utility E.ON - Distributie and Energie and in natural gas producer Romgaz [BSE:SNG].
In 2015, it disposed of stakes in real estate company Primcom, metal forging company Forsev, market researcher SIFI CJ Agro, Electroconstructia Elco Cluj, and Petrotel Lukoil.
The investment fund's shares traded flat at 0.8550 lei on the BVB at 0934 CET.
Blue-chip OMV Petrom traded 0.18% lower at 0.2845 lei on the BVB at 0958 CET.
(1 euro=4.5989 lei)
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