Petrom seeks counsel

SNP Petrom is planning to pick a securities firm to manage its decisions about the stake in aviation fuel distributor Petrom Aviation (the former Romarc Fuel).
SNP Petrom held 47.55% in Petrom Aviation last summer, but a capital increase by a debt for equity swap enabled it to get more than 70%. The proposed capital increase was 175bn ROL, but part of the other Petrom Aviation shareholders chose not to subscribe. After having unintentionally crossed the 50% threshold, Petrom will have to either sell some of its interest to revert to less than 50 percent or put out a public purchasing offer to acquire the rest up to 100%, as stipulated by the new capital market legislation. “We decided to hire a securities firm to advise us on the two options,” Aurel Chiriac, head of the Shareholding Division of Petrom told Ziarul Financiar. The securities firm will also broker the offer, either for selling or for purchasing Petrom Aviation shares, depending on Petrom’s decision. ZF