A few months before the state is set to sell 9.84% in Petrom onthe stock exchange, the company's shares have exceeded 0.4 lei.
During the same period, the BET index gained around 10% and SIFs(Financial Investment Companies) climbed 14%. Petrom shares reachedan all-time high on the Stock Exchange in 2006, when they exceeded0.65 lei, with the company's capitalisation surpassing 10 billioneuros.
The rise recorded by Petrom shares is important especially forthe state, which is set to sell 9.84% of the company on the stockexchange via a secondary public offering by mid-year. Atyesterday's price, the state would collect over 550 million euros,110 million euros more than it would have collected at the end oflast year, when shares stood at 0.34 lei.
"There are several factors behind the rise of the Petrom shares.On the one hand, there is the state offering, which was expected tobe conducted at above the market price, and on the other hand thereis the rise in the oil price, which also led to higher results,"explains Grigore Chi[, general manager of Broker Cluj. The price ofSNP shares is likely to stabilise above 0.4 lei, the minimum pricethat the Ministry of Economy is willing to accept in itsoffering.
