State sells over one billion euros' worth of shares on Stock Exchange this year

The Ministry of Economy plans to sell 15% of Transelectrica in June, 15% of Transgaz in September, while the initial public offering (IPO) for 15% in Romgaz could occur in December.

The state is also preparing to sell 9.84% in OMV Petrom, though no specific date has been revealed yet.
The sale of the four stakes could bring the Economy Ministry over one billion euros, considering the prices at which Transgaz, Transelectrica and Petrom are currently traded on the Stock Exchange and analysts' evaluations for Romgaz, a company held by Fondul Proprietatea (Property Fund).
The calendar of public offerings is to be found in a Government document, quoted by Mediafax. The sale of these stakes was approved by the Government as early as last year (the sale of 9.84% in Petrom was approved in May, and the sale of the three other stakes in September).
The offerings come after the shares of companies in the energy sector recorded significant rises in the past year, with share prices outpacing those obtained by the state in 2006 and 2007 when it sold 10% of Transelectrica and 10% of Transgaz on the Stock Exchange.