* Constantin Niţă: "A good beginning for other listings of the state"
* The representatives of the Bucharest Stock Exchange did not attend the announcement of the results
The Romanian state has earned 72 million Euros from the sale of the 15% stake in "Transgaz" that was offered to investors through the Bucharest Stock Exchange. The success of the offer was celebrated by the authorities and by the stock market community.
Of course, there have been some complainers, who thought that the price of 179 lei/share which the state obtained, which was only 4.6% above the minimum accepted price and 9% below Tuesday's close, wasn't that great of an achievement.
At any rate, compared to the other offers which the government has attempted to conduct lately (the failure of the privatizations of Oltchim and "Petrom", the row at Cuprumin), no one can say that Transgaz isn't a success.
Brokers, as well as Constantin Niţă, the delegated minister for energy, consider that the offer of "Transgaz" sets the tone for the other privatizations scheduled by the state.
Constantin Niţă added: "The offer of Transgaz has been oversubscribed, we are pleased, it is a success. It is a good start for the privatization of the stakes in the state owned companies and for the stock market".
The offer has been oversubscribed by 347% for the small retailer segment (7% of the offer) and 257% for major investors (8%).
* Foreigners bought 70% of the tranche for major investors
According to a statistic by the consortium for intermediation Raiffeisen Capital&Investment, Wood&Company and BT Securities, 70% of the institutional investors (which were allocated 85% of the offer) are foreigners and 30% are Romanians.
Czech investors account for 24% of the total subscribers, followed by those in Sweden (16%) and Austria (9%). Shares of "Transgaz" have als
