Transgaz Mediaş (TGN) natural gas transmission company andTranselectrica Bucureşti (TEL) grid company are asking the state togive them the possibility of raising money on the Bourse throughpublic share offerings, in order to carry out their investmentplans.
The Economy Ministry plans to sell this year on the Bourse 15% instock of Transgaz and Transelectrica each, where it controlsmajority stakes, to raise money for the budget.
The management teams of the two companies are proposing that inparallel with the state's offerings, they should also carry outcapital raise operations and sell new shares on the Bourse, toraise money from investors. In the wake of these operations, thestate's stake in the two companies would shrink from 73% at presentto around 51%.
The sale of new stock is likely to significantly boost theofferings carried out at the two companies and may attract theattention of some bigger investors, interested in acquiringsignificant stakes.
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