A few months before the state is set to sell 9.84% in Petrom on the stock exchange, the company's shares have exceeded 0.4 lei.
The shares of the biggest company in Romania, OMV Petrom (SNP) have gained 23% since the beginning of the year, yesterday reaching a high of 0.4149 lei, with the market value climbing to nearly 5.64 billion euros, i. e. an increase of 1.1 billion euros against December 2010.
During the same period, the BET index gained around 10% and SIFs (Financial Investment Companies) climbed 14%. Petrom shares reached an all-time high on the Stock Exchange in 2006, when they exceeded 0.65 lei, with the company's capitalisation surpassing 10 billion euros.
The rise recorded by Petrom shares is important especially for the state, which is set to sell 9.84% of the company on the stock exchange via a secondary public offering by mid-year. At yesterday's price, the state would collect over 550 million euros, 110 million euros more than it would have collected at the end of last year, when shares stood at 0.34 lei.
"There are several factors behind the rise of the Petrom shares. On the one hand, there is the state offering, which was expected to be conducted at above the market price, and on the other hand there is the rise in the oil price, which also led to higher results," explains Grigore Chi[, general manager of Broker Cluj. The price of SNP shares is likely to stabilise above 0.4 lei, the minimum price that the Ministry of Economy is willing to accept in its offering.
A few months before the state is set to sell 9.84% in Petrom on the stock exchange, the company's shares have exceeded 0.4 lei.
The shares of the biggest company in Romania, OMV Petrom (SNP) have gained 23% since the beginning of the year, yesterday reaching a high of 0.4149 lei, with the market value climbing to nearly 5.64 billion euros, i. e. an i
