Between submitting the letters of intent and drafting the shortlist with the successful candidates, the privatisation process of SNP (National Oil Company) Petrom has entered an unexpected 'stage': the dispute between small shareholders of the company and the Economy Ministry, its main shareholder.
The dispute is indirect for the time being, conducted through statements and press releases, but it could become more serious given the upcoming capital increase, which will be initiated after the State sells 33.34% in Petrom to a strategic investor.
The increase, which will bring the strategic investor to a participation of more than 50%, has two unknown elements: the exact price and whether the minor shareholders have the right to subscribe.
These uncertainties have originated the exchange of replies between the minority shareholders, which control 7% in Petrom shares, and the Economy Ministry, controlling 93%.
Cristian Siminel Andrei, head of the US-based investment fund Broadhurst, which controls one percent in Petrom shares, last week started the dispute.
Andrei requested full compliance with the stock market regulations, namely granting the preemption right to every Petrom shareholder under the capital increase and selling the new shares for a price at least equal with the company's net asset, which is worth 1,823 ROL.
"The Economy Ministry staff are in over their heads as far as the securities, transparency and fairness in the privatisation process are concerned. They took over a portfolio from APAPS (the Privatisation Authority), which had learnt all about the stock market in the meantime," said Andrei.
laurentiu.ispir@zf.ro
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
