Fondul Proprietatea fund sells 23.6 pct of Conpet for nearly 100 M lei
Fondul Proprietatea (FP) fund sold 23.6 percent of oil product transport company Conpet based in Ploiesti on the Bucharest Stock Exchange via a private placement, with the transaction standing at more than 99.79 million lei. (1 euro=4.4 lei)
„Following the completion of the private placement procedure on the Bucharest Stock Exchange (BVB) of the ordinary shares held by the Fund in Conpet, an operation announced yesterday, the final number of the offered shares is of 2,047,095 ordinary shares issued by Conpet, with the price per share standing at 48.75 lei”, the FP said in a report to the BVB on Thursday.
As a result of the transaction, the Fund still has only 524,366 Conpet shares, with its shareholding being cut to 6.1 percent from 28.7 percent.
Conpet, a company responsible to the Energy Department deals in the transport of crude oil, gasoline, ethane and condensed through pipelines and by means of railway tank wagons with a view to supplying the refineries based in Romania and in the Balkans with both domestically-produced and imported crude and its derivatives.
In this summer, the FP also sold blocks of shares it held in natural gas producer Romgaz and power transporter Transelectrica by private placement on the stock exchange.
Fondul Proprietatea ended this 3rd quarter in net non-audited losses of 70 million lei as against 20.6 million lei in net profit in the same period a year ago, according to the quarterly report posted on the FP Internet page.
For the nine-month period ending on Sept. 30, 2014, its net profit climbed to 984.5 million lei as against a net result of 535.2 million lei in the same period of 2013.
„The main factor having contributed to the increase in profit in the nine months of 2014 was the net accounting gain from the sale of the stakes in the portfolio and the loss recorded in the quarter ending on Sept. 30, 2014 was chiefly the result of the net accounting loss from the sale of the portfolio stakes during the quarter-year”, the report explained.