Wednesday, March 16, 2011

Romania Transelectrica wants bigger stake sale

BUCHAREST, March 16 (Reuters) - State-owned Romanian power grid operator Transelectrica (TSEL.BX: Quote) wants the government to eventually sell more shares to increase the market free float, its head was quoted as saying by state news agency Agerpres.

The government plans to sell a 15 percent stake later this year and Transelectrica is proposing it sell another 10 to 12 percent after that, Stelian Gal was quoted as saying.

"We have proposed listing an additional package of 10 to 12 percent on the bourse, after the planned listing of the 15 percent package," Gal said.

A plan to sell more shares in Transelectrica needs government approval.

Romania plans to sell minority stakes in top oil company Petrom (SNPP.BX: Quote), controlled by Austria's OMV (OMVV.VI: Quote), power and gas utilities Transelectrica and Transgaz (TGNM.BX: Quote) and gas producer Romgaz, which is not listed.

The government aims to raise some 2.9 billion lei ($970.2 million) this year and next on the Bucharest bourse, as agreed with the International Monetary Fund in exchange for aid. [ID:nLDE70I1YJ]

Romania currently holds 73.7 percent of Translectrica and a further 13.5 percent is owned by Fondul Proprietatea (FP.BX: Quote), an investment fund set up to compensate people whose assets were seized under communist rule. ($1=2.989 lei) (Reporting by Ioana Patran; Editing by Greg Mahlich)

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