Romanian property restitution fund Fondul Proprietatea sold its 11.99% stake in energy distributor Engie Romania to the majority shareholder, GDF International, for 432.6 million lei (87 million euro).
The two companies signed a sale-purchase agreement on December 22, Fondul Proprietatea said in a filing with the Bucharest Stock Exchange.
The completion of the sale under the agreement is subject to the approval of Fondul Proprietatea’s shareholders.
GDF International owns 50.994% of Engie Romania, the Romanian state through the energy ministry holds 36.996%, Fondul Proprietatea owns 11.998% and the rest is under the control of several communes and cities.
Fondul Proprietatea’s market capitalisation amounts to 2.82 billion lei (567.7 million euro).
