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Romania May Contribute To Petrom’s EUR1B Capital Hike – Sources

Romanian authorities might contribute by over EUR400 million to oil company Petrom’s (SNP.RO) planned capital hike of around EUR1 billion, government officials, who wished to remain anonymous, said Friday.
Romania May Contribute To Petrom’s EUR1B Capital Hike - Sources
18 dec. 2009, 18:03, English

Petrom declined to comment when contacted by MEDIAFAX.

On Thursday, the company’s chief executive Mariana Gheorghe said Petrom is considering a share capital hike to support investments and hopes the country’s new government will participate.

Gheorghe didn’t say how much Petrom is hoping to raise.

Petrom, Romania’s largest oil company, is majority owned by Austrian OMV, with a 51% stake. Romania’s Economy Ministry and investment fund Fondul Proprietatea hold 20.64% and 20.11% in Petrom, respectively, while the remaining 8.24% stake is traded on the Bucharest bourse.

At around GMT1320 Friday, Petrom shares traded at RON0.255 a unit, up 0.39% on the day.

Fondul Proprietatea, which was set up in December 2005 to compensate Romanians whose properties were confiscated during the communist regime, is majority owned by the Finance Ministry.