Pressured by the need for cash and by the 600 million-eurocapital increase Petrom wants to conduct, the state is about toquit the shareholding structure of the biggest company inRomania.
The Economy Ministry, which owns 20.6% in Petrom (SNP), thebiggest local company, is getting ready to sell an 11.84% stake inthe company on the stock market, from which it might collect morethan 450 million euros, according to the prices at which SNP tradedyesterday.
The decision was announced by Economy Minister Adriean Videanulast month and comes at a time when the state is strapped for cash.The cash flow problem would have caused the state to lose itsposition as Petrom shareholder anyway given that the companyintends to conduct a 600 million-euro capital increase.
"The Economy Ministry will continue to manage an 8.8% stake inthe share capital, of which 8% will be sold to employees," theexplanatory note of a Government Decision draft devised by theEconomy Ministry reveals.
The majority shareholders of Petrom, OMV, say they areinterested in a potential acquisition of the shares the state willput up for sale.
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