Romania's gas transporter Transgaz to list at the Bucharest Stock Exchange in February 2008Publish date: 21-11-2007
Natural gas transportation company Transgaz Medias said it will list on the Bucharest Stock Exchange starting February next year according to the company's general manager, Ioan Rusu.
The Initial Public Offering (IPO) will take place from November 26 to December 7, allowing investors to subscribe 1.177 million shares at a face value of 191.92 lei.
The company is targeting further development, looking to issue additional new shares in order to raise extra capital at the same time, once listed at the public exchange. One of the advantages it is outlining in its strategy is the monopoly it holds on the natural gas transportation market.
The company saw a net profit of 16 million euros in the first six months of 2006. Its revenues stood at 152 million euros, up against 61 million euros recorded in 2006.
Transgaz obtained revenues from exploiting gas reserves totaling 503 million lei, representing 99.5 percent of total revenues recorded in this period. Of this, some 340 million lei came from transportation services, 96 million lei from international transit services and 56 million lei from gas deliveries.
The company transported 7.4 million cubic meters of gas in the first half of 2007, up 37.7 percent against the same period in 2006. The company's 2006 net profit stood at 238 million lei.
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