SIF Oltenia sells 0.6% in Petrom for 14m euros

SIF Oltenia sold stakes accounting for 0.5% in Petrom on the Bucharest Stock Exchange on Thursday, for which it got nearly 13 million euros. The company had also sold smaller stakes in the days before that, relinquishing control of half of its 1.24% Petrom interest in exchange for 14 million euros. SIF Oltenia will be able to buy back the shares it sold in the last few days for 20% less during the capital increase the company is currently running. Petrom’s minority shareholders may subscribe 0.4906 new shares for every share held by the reference date. SIF Oltenia will have the right to subscribe a little over 230 million Petrom shares by November 4. “We sold about 200 million shares. We had sold smaller stakes in the last few days so that we sold as much as to be allowed to subscribe,” Tudor Ciurezu, SIF Oltenia economic manager, told Ziarul Financiar. ZF