Conef Bucharest trade company has bought another 3.4% in Alro shares, so that it now holds 14% in one of the best Romanian state-run companies.
The transaction was carried out by three sale-purchase operations through the Stock Exchange, with market sources saying the shares were sold by two investments funds, Alpha Balkan Fund and Regent.
The transactions were brokered by ING Baring Securities Romania, through which Conef operates on the capital market. "We bought the stock after the securities company we use for our transactions got the offer," Peter Braun, member of Conef's Board, told Ziarul Financiar.
The value of the three transactions through which the stock changed hands amounted to 117.96bn lei. Two of these operations, during which most of the shares were purchased, were concluded at 21,800 lei/share, while the transactions on the market were concluded at 27,000 lei.
Monday and Tuesday are the last two days open for purchasing shares with the purpose of participating in the capital increase by bonus shares and cash ($60 million) to be considered by the General Extraordinary Shareholders Assembly on June 4.
The capital increase is deemed as an indirect privatisation, with Conef as the main beneficiary and has been fiercely challenged lately. The Romanian authorities still say the capital increase is good for Alro.
Most capital market analysts say new transactions for Conef's account are possible over these last two days, which company will only try to buy more in Alro. The more shares Conef has by May 25, the more control it will have over Alro following the capital increase.
"I don't know whether we're buying more shares or not, but we want to prove we mean business," Braun mentioned.
Businessman Dinu Patriciu, chairman of Rompetrol Group's Board, is in favour of the alternative chosen by the Romanian authorities for Alro Slatina, that is an indirect privatisation, through the capital market.
It is a significant thing indeed, both economically and politically that "this Government of Romania should decide to take the bull by the horns after ten years of stumbling," and should plan to conduct the first major privatisation through the capital market.
This is the most transparent privatisation method, as anybody is free to buy the shares, says Patriciu, who at the same time feels the identity of the buyer is of no importance whatsoever.
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