The Romanian Government will put up for sale a 15% stake in
each of Transgaz (TGN) and Transelectrica (TEL), which are
companies already listed, as well as 15% in gas producer Romgaz
Medias, one of the most valuable companies in the portfolio of the
Ministry of Economy, which it will list via a secondary public
offering, according to draft Government decisions cited by Mediafax
news agency.
A commission led by Economy Minister Adriean Videanu is set to
oversee the sale of the three stakes, with the first step being
selection of the brokerage firms that will handle the offering.
After choosing the brokers, preparing the offerings could take
between four months in the case of Transgaz and Transelectrica, and
six months in the case of Romgaz, so the sale is not very likely to
occur this year.
Romgaz is one of the "crown jewels", featuring among the most
profitable companies in Romania. The company could be valued at
over 2 billion euros in view of listing, so the state could get 300
million euros from the sale of a 15% stake. Transgaz and
Transelectrica could fetch the state around 134 million euros more,
considering the two companies' current capitalisations.
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