8% of Petrom now worth half of what it used to

If employees of SNP Petrom, who will soon be able to buy shares from an 8% stake made available by the company, were to sell their shares on the Stock Exchange today, they would see a twofold decline in profit against one year ago, given the reduced registered by SNP shares, from 0.6 to 0.4 RON/share.
The significant depreciation of the RON against the euro, over the last few months, has contributed to a reduction in Petrom employees’ potential gains, since they will buy the shares at a price in RON that is equivalent to 0.0525 euros/share; the price paid to the state by the Austrian group OMV when the company was privatised. The draft law concerning the sale of an 8% stake in Petrom to its employees only needs the signature of the chairman of AVAS (State Assets Resolution Authority), before being published on the institution’s site, almost a year after the preliminary version was released. In the meantime, Petrom’s capitalisation has fallen by around 10 billion euros, to 6.2 billion euros, and the value of the stake that will be distributed amongst employees has declined from almost 800 million euros to around 500 million euros.