SIF Transilvania sells Petromidia shares

Societatea de Investitii Financiare (financial investment company – SIF) Transilvania on Monday announced it had sold 0.75% in Rompetrol Rafinare – Petromidia shares for 86bn ROL ($2.6 million) on the Bucharest Stock Exchange (BSE). The number of shares sold was 132 million. The announcement of the SIF, which owned some 10% in Rompetrol Rafinare, is the first official confirmation for the brokers thinking both SIF Transilvania and Rompetrol SA (Vega) have started to sell some of their interests following Petromidia’s listing on the BSE. Rompetrol SA, which is part of the Rompetrol Group, held 18% prior to Petromidia’s listing. As far as Rompetrol SA is concerned, it was expected to sell part of its shares, with Dinu Patriciu, the group’s chairman, announcing a strategy to boost liquidity of Petromidia’s shares. SIF Transilvania’s decision to sell was considered surprising by many brokers, as Petromidia’s quote was 600-650 ROL and still had significant growth potential. SIF Transilvania sold its shares at an average price of 652 ROL. ZF