Romania's Petrom May Change Name To OMV Petrom

The shareholders of Romania's largest oil company Petrom (SNP.RO) will discuss on October 20 a proposal to change the company’s name into OMV Petrom, to include the name of its majority stockholder, Austrian OMV group.

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Petrom's board summoned a special shareholders' meeting on October 20 to approve several changes to the company's by-laws.

The company has a share share capital of 5.664 billion lei (EUR1=RON4.2579), split up into 56.664 billion shares with a face value of RON0.1 per unit.

Petrom's majority shareholder is Austria's OMV (OMV.VI) with a 51% stake, while the Romanian Economy Ministry holds a 20.6% stake, and Proprietatea Fund owns 20.1% of the company's shares. EBRD has a 2% stake in Petrom.

The company's first half net profit was at RON923 million, down 44.5% from the same period a year ago.

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