September 17 (SeeNews) - Romanian investment fund Fondul Proprietatea [BSE: FP] said it has increased the stake it plans to sell in oil and gas group OMV Petrom [BSE:SNP] to 3% from 2.47%.
The investment fund will offer institutional investors a base deal of some 1.7 billion existing shares in OMV Petrom, it said in a filing with the Bucharest Stock Exchange, BVB, late on Wednesday.
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With the shares’ selling price agreed at 0.33 lei per share, the gross proceeds of the transaction will amount to 561 million lei ($137 million/115 million euro).
Fondul Proprietate currently holds a 9.9985% stake in the company and will hold 6.9973% once the transaction is completed.
Citigroup Global Markets Limited and WOOD & Company Financial Services will act as joint bookrunners in the offering.
OMV Petrom will not receive any proceeds from the transaction.
On Tuesday, the investment fund announced that it plans to sell a 2.47% stake in OMV Petrom, by offering institutional investors a base deal of some 1.4 billion existing shares in the company.
Fondul Proprietatea also said that it has agreed to a 180 day lock-up period from the pricing of the transaction, subject to waiver with the consent of the bookrunners and subject to certain customary exceptions, it noted.
In September 2017, Fondul Proprietatea sold a 2.57% stake in OMV Petrom for 399.85 million lei. Before the sale Fondul Proprietatea owned 12.568% of OMV Petrom.
OMV Petrom booked 867 million lei net profit in the first six months of 2020, down by 56% year-on-year.
The investment fund's shares traded 0.39% lower at 1.2850 lei on the BVB at 0922 CET on Thursday.
Blue-chip OMV Petrom traded 0.72% lower at 0.3495 lei on the BVB at 10923 CET on Thursday.
Austria-based OMV Aktiengesellschaft holds a 51.0105% stake in OMV Petrom. The Romanian state, through the energy ministry, owns 20.6389% of OMV Petrom, Fondul Proprietatea holds 9.9985%, and 18.3521% is the free float on the Bucharest Stock Exchange (BVB) and the London Stock Exchange.
(1 euro=4.8586 lei)