Romania is seeking to change the procedure for a minority stake sale in Transgaz SA (TGN) and opt for a capital increase instead of a secondary share sale, hotnews.ro reported, citing Economy Minister Daniel Chitoiu.
The eastern European country, which has pledged to the International Monetary Fund to sell 15 percent of Transgaz by the end of this year, reconsidered the sale because of market conditions and the company’s funding needs, Chitoiu told the news website in an interview.
The funds from the capital increase will be used by Transgaz for investments in the country’s natural-gas grid and for other projects, such as Nabucco gas pipeline, Chitoiu told hotnews, adding that a listing will be at a “fair” price.
To contact the reporter on this story: Andra Timu in Bucharest at firstname.lastname@example.org
To contact the editor responsible for this story: James M. Gomez at email@example.com