Minority shareholders of Petrom will have the right to subscribe stock of the company at a price of 5.25 eurocents/share within the share capital increase enabling OMV Group to boost its interest in Petrom from 33% to 51%. The price per share will be converted into ROL against the ROL/euro exchange rate of September 14, when stockholders are to approve the capital increase. Against a rate of 41,000 ROL/euro, minority shareholders will be able to subscribe stock at 2,152 ROL/share. One Petrom share was worth 2,350 ROL on the capital market on Wednesday, for instance. Minority shareholders at present own 7% of Petrom, which stake is worth 155 million euros on the Stock Exchange. The most important minority shareholders are SIF Oltenia - 1.2%, and Petrom's trade union, which holds 0.5%-1%, according to the latest information on the market. At the same time, several foreign investment funds also hold significant stakes. For SIF Oltenia and Petrom trade union, the sums they need to earmark for this operation are quite high. For instance, SIF Oltenia should allot at least 10 million euros. Petrom should raise up to 983 million euros following the increase, yet the stock minority shareholders will be allowed to buy will be worth much less.
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