Yesterday, Fondul Proprietatea executed the sale of 2.275bn ordinary shares held by the Fund in OMV Petrom via accelerated bookbuild offering priced at 8.5% discount to the previous closing price.

This transaction also includes a 50% exercise of the upsize option held by the Fund. The shares’ selling price was finalized at RON 0.43/share, representing an 8.5% discount to the previous closing price. The gross proceeds of the Transaction amount to RON 980m(app. EUR 200m), and will be used to implement the Fund’s Discount Control Mechanism, by funding the buyback program, and the payment of dividends to the Fund’s shareholders.

OMV Petrom will not receive any proceeds from the Transaction. The Trade date is set for tomorrow, 21 January 2022, while the Settlement date is set for 26 January 2022. Erste Group Bank and SSIF Swiss Capital acted as Joint Global Coordinators and Joint Bookrunners, and Banca Comercială Română and Auerbach Grayson acted as Joint Bookrunners for the Transactions.

Realized pricing of RON 0.43/share (representing a 8.5% discount from the previous closing price), amounts to an EV/EBITDA ratio of 3.16x and a P/E ratio of 11.38x. To read more about the announcement and get further details of the transaction, click here.