Romania to Sell 15% of Romgaz, Biggest Gas Producer, This Year - Bloomberg

Romania to Sell 15% of Romgaz, Biggest Gas Producer, This Year - Bloomberg:

"Romania plans to sell 15 percent of Romgaz SA, its largest natural-gas producer, in an initial public offering this year as part of the eastern European country’s agreement with the International Monetary Fund.
Romgaz shares will trade on the Bucharest Stock Exchange as well as in London as global depositary receipts, Romgaz and the government said in a joint statement today. Romania will keep at least 70 percent of Romgaz and property-restitution fund Fondul Proprietatea SA will have a 15 percent stake in the company. The total value of the offering may reach as much as 600 million euros ($814 million), Gabriel Dumitrascu, head of the Energy Department’s asset-sale program, said on Sept. 19.
“The listing of Romgaz is part of the ambitious program initiated by the Romanian government to introduce private investors into strategic companies in the context of reforming the energy sector,” Energy Minister Constantin Nita said in the statement."

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