Fondul Proprietatea puts up for sale 23.6 pct of the shares held in Conpet

Franklin Templeton, the manager of Fondul Proprietatea (FP), has announced its intention to sale up to 2,047,095, shares, equivalent to a 23.6 stake currently held in Conpet, a state-owned company operating in the field of crude oil transport and listed on the Bucharest Stock Exchange (BVB). As per the latest trading information available on the BVB website, the average price of the Conpet shares is 50.95 lei.

According to a notification sent to the BVB, the securities will be sold via an accelerated bookbuild offering, which will commence immediately, addressed to a limited number of investors. The price will be determined on completion of the bookbuild process. Provided all the shares will be sold, following the completion of the transaction, Fondul Proprietatea will still maintain a 6.1 percent stake in Conpet.

The transaction will be coordinated by WOOD & Company Financial Services that will act as Sole Global Coordinator and Sole Bookrunner, whilst BRD Groupe Societe Generale will serve as Co-Manager. As the same informing states, any of the Conpet shares held by FP after the transaction is closed will be subject to a 180-day lock-up period.

Conpet’s sharehloders structure comprises the Romanian State which controls the majority stake of nearly 58.71 percent of the total shares, Fondul Proprietatea, which owns the second largest stake of 29.7 percent, while the remainder of the securities are divided between other shareholders.

This year, FP also disposed of stakes held in Romgaz and Transelectrica. While in June the fund run an accelerated bookbuild through which sold an aggregate of 19,243,000 shares in Romgaz, corresponding to a 5 percent stake, in July it sold the entire 13.5 percent stake owned in Transelectrica. Both transaction were successfully completed, generating gross proceeds of about 857 million lei (247 million euro).