The EBRD has sold its 1.6 per cent equity stake in Petrom, a leading company in the oil and gas sector based in Romania, and which is listed on the Bucharest Stock Exchange (BVB), a press release informs. The sale represented the remainder of the Bank’s holding, with the EBRD having exited partially from its holding in November 2012. The exit price per share represented a small discount to yesterday’s closing price of RON 0.4511 on the BVB. Raiffeisen Capital & Investment S.A. and Wood & Company acted as joint book runners on the placement. Eric Rasmussen, EBRD’s Director, Natural Resources, said: “Our exit from Petrom is proof of Romania’s attractiveness to institutional investors. We are proud to have contributed to making Petrom the successful, strong and attractive company it is today.” This exit forms part of the EBRD’s ongoing portfolio management, and the Bank remains fully committed to Romania.
