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August 7, 2022

Offer launched for 15 pc of Transelectrica on the stock exchange

The public offer of a package of 15 per cent of Transelectrica shares (approximately 11,000,000 shares) has all the ingredients for a successful public offer, Lucian Anghel, President of the Bucharest Stock Exchange (BVB), stated on Wednesday at the launch of the offer that will take place on March 14-27. The offer price ranges from RON 14.9 per share to RON 19.2 per share. “We’ve been expecting this moment for five years, the moment when BVB can be used as an instrument to finance the Romanian economy. It’s an extremely important signal for investors, a signal that we want to develop this financing alternative for Romanian economy,” Anghel said. The intermediating consortium made up of Banca Comerciala Romana, Intercapital Invest and Swiss Capital has announced that the offer will consist of two tranches, namely the Tranche for Large Investors (90 per cent of offered shares) for subscriptions whose value is higher than RON 500,000 and the Tranche for Small Investors for investments lower than RON 500,000. Transelectrica is the only privatization being made through local intermediaries and even though it is the smallest transaction its importance exceeds its size, the representative of the Office for State Participations and Privatizations in Industry (OPSPI) stated, underlining the important role that the Property Fund had. On Day 1 investors have bought 0.52 per cent of the Transelectrica package, at prices ranging from RON 14.9 to 15.9 per share, values similar or very close to the offer price’s minimum threshold. The tranche for large investors registered a buy order for 50,000 shares (0.45 per cent of the offer) at the price of RON 14.9. The tranche for small investors registered five buy orders for a total of 7,588 shares (0.07 per cent of the offer), at prices that varied from RON 14.9 to RON 15.9. The RON 15.9 quote is 6.7 per cent higher than the offer price’s minimum threshold. Thus, the value of transactions stood at approximately EUR 200,000 on Day 1.

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