Romania now plans to sell a 15% stake in hydropower producer Hidroelectrica in a public offering scheduled for July 2014, a senior official said Friday, news agency Mediafax reported.
The government increased the stake sale from 10% following talks with the International Monetary Fund, said Constantin Nita, Minister Delegate for Energy.
Nita added the state plans to also list electricity distribution company Electrica next year, in a public offering for a majority stake.
Romania plans to list several key companies in the energy sector, according to loan agreements closed with the IMF and the European Commission. Monday, the shares of nuclear power producer Nuclearelectrica start trading in Bucharest, after a public offering in September that drew RON281.8 million.
The eastern European country drew strong investor demand for the shares of state-run natural gas producer Romgaz in a public offering which ran between October 22 and 31. Romania sold 15% in Romgaz for 1.7 billion lei ($534 million) in the IPO, valuing the company at RON11.6 billion.
Back in April 2012, Romania's Economy Ministry selected a consortium comprising BRD, Citigroup, Societe Generale and Intercapital Invest to broker the sale of a 10% stake in Hidroelectrica, but the offering was delayed by the insolvency proceedings at the hydropower generator which lasted until June this year.
Hidrolectrica is 80%-owned by the Economy Ministry, while investment fund Fondul Proprietatea (FP.RO) holds the reminder stake.