Camelia Voiculescu, daughter of businessman Dan Voiculescu, last Friday sold her last remaining stake of 0.5% in the oil company Rompetrol Rafinare (Petromidia), capital market sources say. The sale raised almost 95 billion ROL (2.5 million euros).
Last April, Voiculescu's daughter bought 2.4% in Petromidia capital, making her the sixth largest shareholder in the company at the time.
Neither Camelia nor Dan Voiculescu were available for comment on the deals made late last week. Petromidia stock was the most traded stock on the stock exchange on Friday, with total operations amounting to 140 billion ROL (3.5 million euros). Shares were traded at prices in the region of 1,060-1,090 ROL, with the number of shares transferred exceeding 130 million.
Camelia Voiculescu acquired Petromidia stock in April, immediately after the company's floating on the market. Rompetrol SA (Vega) sold large stakes in Petromidia at the time at a price of 116 ROL/share. Subsequently, the share price climbed continuously, overshooting the level of 700 ROL in the space of a few days.
Several foreign funds and banks entered the company's shareholder structure, with banks operating on behalf of customers. Petromidia is currently carrying out a share capital raise operation in which minority shareholders, including Camelia Voiculescu, have the right to subscribe 0.3 new shares at 1,000 ROL for every share held on the reference date last December.
Petromidia currently has a market capitalisation of almost 500 million euros, and the company's market value is likely to rise to 650 million euros in the wake of the capital raise.
Turnover generated by Petromidia, the main company in the oil group Rompetrol, was 27.4% higher last year, reaching 1.16 billion euros, which is in line with non-audited financial results. Operating profits increased almost fivefold to 58.5 million euros, amid investments and higher oil prices on the local market. However, analysts expect losses from Petromidia's financial activities in 2004 to be higher than operating profits.
Camelia Voiculescu also holds a minority stake in Ana Imep Pitesti, an electrical engine producer, through the Grivco company.
Ana Imep is controlled by George Copos, a minister of state in the current government.
vlad.nicolaescu@zf.ro
