(BFM Bourse) – The energy group sold 2.2 million shares of the specialist in cryogenic membranes on Friday at a price of 115 euros per share. The group headed by Catherine McGregor theoretically only holds 5% of its capital.
Gently, over time, Engie is moving towards a total exit from its stake in GTT (Gaztransport and Technigaz). The energy group took an additional step on Friday by selling a block of 2.2 million shares representing around 6% of the capital of the manufacturer of cryogenic membranes used to transport liquefied natural gas (LNG) as part of a placement privately with institutional investors.
The price per share was 115 euros, a discount of 4.4% compared to GTT’s closing price on Thursday evening. At La Bouse de Paris, the GTT action is also wedged around this discount, losing 4.5% to 115.30 euros around 10:40 a.m.
The proceeds of the operation of approximately 257 million euros, will be used “for the general needs of Engie’s activity and to finance future growth”, indicated the company.
A 36-year history
The entry into the capital of Engie dates from 1986: at the time Gaz de France (the former name of Engie before 2015) had taken a majority stake of 51%, before reducing it to 40% in 1994.
More than 25 years later, the group had decided, in November 2020, that this 40.4% stake was no longer strategic, paving the way for a gradual exit from the capital. Engie has thus carried out several transactions with this in mind. The former GDF sold 10% of the capital in May 2021, then issued the following month bonds exchangeable for ordinary GTT shares, investing in this operation up to 10% of the capital, in the event of full exchange for GTT shares . In March 2022, Engie then sold 9% of the cryogenic membrane specialist.
At the end of this fourth operation communicated this Friday, Engie would therefore still hold 5% of the capital, in the event of full exchange in shares for the bonds issued in June 2021.
This therefore leaves at least one sale operation, albeit reduced, still hovering over the GTT share. This potential last sale will not take place before September 2023, Engie having made a commitment to retain its residual stake for one year.
This decision “marks Engie’s desire to continue supporting GTT in the transition of its shareholder reorganization and its conviction in the performance yet to come of GTT”, explains the company.
A magnificent stock market performance
“We could have hoped that Engie would sell its entire stake and not just 6%, especially since demand was a priori strong for this operation and they had already sold 10% during a previous operation. History that the disengagement of Engie is behind us”, underlines a financial intermediary.
The fall in GTT’s share this Friday due to the sale of the Engie block of shares should not overshadow the excellent stock market performance of the value which has risen 40.4% since the start of the year. , the second strongest progression of the SBF 120 behind Thales.
The stock is taking advantage of the boom in LNG and is having an extremely dynamic year in terms of orders. Over the first six months of 2022, the group recorded 88 orders for LNG carriers, twenty more than in the whole of 2021, and 38 orders for LNG-powered ships against 27 in the whole of 2021 which was nevertheless a year historical. “Nobody would have believed at the beginning of the year that their dynamic would be so strong”, judges the financial intermediary.
Especially since the reduction of the dependence of European countries on Russian gas requires an increase in LNG imports, potentially strengthening in turn the dynamics of GTT in the long term. According to Credit Suisse, these imports have increased by 63% over one year since the beginning of the year.
Julien Marion – ©2022 BFM Bourse
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