The government wants over 1 billion euro out the sale of energy companies shares

Publish date: 21-04-2010
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The state proposes to obtain over one billion euro by selling shares at several companies in the domain of energy, the sums being used for investment in energy, as well as in other domains, according to a memo of the ministry of economy.
The memo shows that it is necessary to draw resources for the financing of projects of investments with a view to developing the energy infrastructure for projects "with added value" in strategy sectors of the economy, as well as in other domains of economic interest.

"Thus, to ensure the financing of investment projects, as a complementary source or the alternative budgetary sources, there will be set up an investment fund which is to manage the state assets in industry and energy, the share in financing investment projects and the use of shares owned by economic operators in the fund portfolio" the document shows, according to NewsIn.

As regards the public bids for sale of shares in commercial societies traded in BVB, the moment of starting these actions and the shares package which are to be sold will be decided by order of the ministry.

The offers will be made through authorised intermediaries to be selected through bids and if it considered necessary there will be asked the non-biased opinion of an outside consultant. The bid price is established by the intermediary and is approved by the ministry of economy.

The state wants 580 million euro for 12.64% of Petrom

The companies already listed on BVB are the first to go, as the procedure could be started quickly.

The main sum should come from Petrom ( privatised with OMV in 2004)where the ministry of economy has a share of 20.64%. The share package proposed for sale on the stock exchange is 12.64% for which the state hopes to get 2.4 billion lei ( 580 million euro).

At the last price of Petrom shares on the stock exchange of 0.3530 lei at the end of the Thursday session, the market value of the package of 12.64% proposed to be sold is 2.53 billion lei. Petrom has a total market value of almost 20 billion lei and is controlled 51.01% by the OMV Austria.

For Oil Terminal, the state wants to be majority shareholder, proposing for sale one package of 8.62% with estimated value of 14 million lei, from the shares 59.62% they have. Conpet SA out of the 58.72 % they have, they propose the sale of 7.72% with an estimated value of 21.3 million lei.

Other sums would come from the sale of 15% of transelectrica, where out of 73,68% the state owns, they want to sell 15% for 219 million lei and 15% of Transgaz  out of 73.51% at 440 million lei.

As regards the listing on BVB, in the memo they say that the initial capital for FP includes the shares owned by the ministry of economy. These companies, according to the law have the obligation to offer share packages of at least 5% and to use them for trading on BVB.

"Thus, in order to accomplish the legal provisions mentioned before, for commercial societies, which have to listed on BVB there will be public bids to be admitted for trading on BVB" the text says.

Romgaz where the ministry of economy owns 85.01% is included in the text with the listing of 15% at 57 million lei, Distrigaz Sud  the state has 37% with listing of 17% for 47 million lei, Distrigaz Nord - income of 117 million, Enel Distributie Banat - over 56 million in the listing, Enel Distributie Dobrogea - 41 million by listing or bid sale of 14.90% and Enel Distributie - 37 million lei by listing or bid sale of 27% of the capital.

Another source of income is the sale, of minority packages owned in E.ON Moldova Furnizare ( 17% at 30 million lei) E.ON Moldova Distributie SA ( 17% at 110 million lei) Enel Energie Muntenia ( 13.57% for 93 million lei) Enel Distributie Muntenia ( 13.57% for 683 million lei).

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