Romania To Sell Petrom Shares For $870M

Romania will sell 5.57 billion shares of oil company Petrom for about$870 million, Bloomberg reports. Institutional investors may subscribe to about 85% of the offered shares, while retail investors will get the remaining 15%.

The Romanian government, which currently owns 20.6% of the company, is seeking to repay loans taken from the International Monetary Fund and the European Union. Renaissance Capital, EFG Securities, BT Securities Romania and Romcapital are managing the offering.

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Click here for the additional coverage from AFP.