Romania's Proprietatea to Sell Conpet Stake for 100 Mln Lei (22.5 Mln Euro)

Romania's Fondul Proprietatea [BSE:FP] said on Thursday it will sell a 23.6% stake in oil pipeline operator Conpet [BSE:COTE] for 99.8 million lei ($28 million/22.5 million euro) via an accelerated bookbuild offering.

Proprietatea will sell 2,047,095 ordinary shares of Conpet at a price of 48.75 lei each, the fund's manager, Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, said in a statement filed with the Bucharest Stock Exchange following the completion of the
bookbuilding process.

Following the completion of the transaction the fund will own 524,366 shares in Conpet, corresponding to approximately 6.1% of its share capital.

WOOD & Company Financial Services a.s. is acting as sole global coordinator and sole bookrunner in the transaction. Romanian bank BRD - Groupe Societe Generale is acting as co-manager.

Conpet's shares closed 2.83% lower at 51.5 lei on the Bucharest Stock Exchange on Wednesday.

Commenting on the news, Raiffeisen Bank said in a note to investors, "We rate the news as positive as FP succeeded in selling the intended stake at a decent discount."

Source: SeeNews