Petrom, equally priced for investors and employees

SNP Petrom’s employees will have the possibility to buy up to 8% in the company at the same price as asked of the strategic investor, the note calling shareholders for an Extraordinary General Meeting (EGM) shows. The percentage that will be bought by employees and the moments when they are supposed to do it will be set by a government decision. The shareholders will debate the modification of the establishment document of the company on March 22. Petrom’s Federation of Free Independent Unions at the end of last year requested 10% in the company for the employees, sold at the par value, 1,000 ROL. The employees are now holding 0.5% to 1%. Petrom closed at 1,670 ROL on the Bucharest Stock Exchange on Wednesday. The 8% cap was set by Ordinance 55/2003. The normative act modifies an article in the company’s statute endorsed in 1997, which granted employees pre-emption rights in buying 10% of the shares at the par value. The completion of Petrom’s privatisation, initially set for the end of last August, was extended until March 31, 2004, a deadline that might in its turn be missed, as certain property rights over some land of the company need to be addressed first. ZF