Romania's Romgaz to Offer 15% Share in IPO

Romgaz announced on Friday its intention to proceed with an Initial Public Offering, as part of Romania’s privatisation programme.

‘The listing of Romgaz, the largest gas producer and supplier in the local market, is part of the ambitious programme initiated by the Romanian Government to introduce private investors into strategic companies, in the context of reforming the energy sector in line with the principles of real competition on the basis of market liberalization,’ commented Constantin Nita, the Minister Delegate for Energy. 

According to a note released by the company, the IPO will comprise up to 15% of the share capital of Romgaz to be offered by the Department of Energy. 

The offering, to be completed by the end of the year, is part of the privatisation plan agreed between Romania and the International Monetary Fund in 2009.

‘Romgaz intends to apply for the admission of the Shares to trading on the Bucharest Stock Exchange and for the GDRs to be admitted to listing to the standard segment of the Official List of the United Kingdom Listing Authority and to trading on the regulated market of the London Stock Exchange,’ reads the press release.