Fondul Proprietatea up for sale OMV Petrom shares

2016-10-21 21:28:59 - From the Print Edition

In late September, Fondul Proprietatea (FP), one of the most traded companies on the stock market in Bucharest, put up for sale through a public offer a part of its stake of 19 per cent in OMV Petrom oil company (SNP), in order to increase the free float or the number of shares available for trading. FP conveys that "it aims to increase the liquidity of the shares and to simultaneously remain a long-term investor dedicated to the successful development of society," according to a press release quoted by Ziarul Financiar. FP also agrees to certain conditions that for a period of 360 days from the closing date of the offer shares not to sell other SNP shares. Therefore, only a few days later after the stock exchange listing, even though in the first days SNP were traded to 0.05 Euro (0.244 RON), down from 0.06 Euro (0.259 RON), by the end of the last week of September they were traded at 0.06 Euro (0.2485 RON) per share, increased by 2.06 per cent. On October 1, OMV Petrom (SNP) rose 0.82 per cent. OMV Petrom, as other energy companies listed on the Bucharest Stock Exchange, increased by 1.09 per cent in the last day of September, after OPEC's [Organization of the Petroleum Exporting Countries] decision to cap production, which led to a rise in oil prices at the global level.