Romania's Fondul Proprietatea said on Thursday it will sell a 23.6%
stake in oil pipeline operator Conpet for 99.8 million lei ($28
million/22.5million euro) viaan accelerated bookbuild
offering.
Proprietatea will sell2,047,095ordinary shares of Conpet at a
price of48.75 lei each, the fund's manager,Franklin Templeton Investment
Management Ltd. United Kingdom Bucharest Branch, said in a statement filed with
the Bucharest Stock Exchangefollowing 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 SocieteGeneraleis 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."