Fondul Proprietatea sells 2.5 percent stake from OMV Petrom at current market prices of RON 425.57 million (EUR 92.32 million). The operation will be launched immediately.

The offer will targets institutional investors and is brokered by consortium comprising financial institutions Goldman Sachs, Wood & Co. and BCR.

The 1.45 billion shares to be sold as starting point represent a fifth of the stake of 7.11 billion shares of Fondul Proprietatea, the equivalent of 12.56 percent of the social capital. At the closing price from this Tuesday of RON 0.2920/share, the selling stake value reached RON 424.57 million.

The transaction results will be announces in the shortest time after the finalization of investment. The time period of investment, the price setting and the allocations are the choice of the Fondul Proprietatea and intermediaries.

The last sale of Fondul Proprietatea to OMV Petrom was for 6.4 percent of shares in October 2016 and was made at RON 0.21/share for institutional investors.

OMV Petrom tripled its net profit in the first half of this year to RON 1.21 billion mainly due to the high oil prices on international markets.

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