Romania’s largest electricity generation company Hidroelectrica might go
public in the first half of 2015, after having had to postpone its
initial public offering scheduled for June 2014 due to the relapse into
insolvency. Another offer that was supposed to be listed this year, that
of CE Oltenia, is expected to take place in the second semester of next
year, writes zf.ro.
The initial public offering of electricity
supplier and distributor Electrica which took place this year raised RON
1.95 billion (EUR 444 million) from selling a 51 percent stake on the
capital market. It was the biggest IPO in the history of the Bucharest
Stock Exchange (BVB). Other companies in the energy sector, such as
Nuclearelectrica and Romgaz, went public in 2013.
Hidroelectrica
reentered insolvency in February after several energy traders won their
appeals at the Bucharest Appeal Court. Administrator Remus Borza told
Reuters in May that Hidroelectrica will likely exit insolvency in
May-June 2015 and list a minority stake in the second half of that year.
The
hydroelectricity producer Hidroelectrica reported a RON 124 million
profit in October. For the first ten months of the year the company,
still under an insolvency reorganization plan, posted a profit of RON
943 million, up 23.64 percent compared to the same period of 2013.
Complexul
Energetic Oltenia, which groups the energy complexes of Oltenia basin
with lignite mines, registered losses of RON 290 million (around EUR 66
million) in the first nine months of this year, from a profit of RON 106
million in the year-earlier period.
The Ministry of Economy has a 77
percent stake in the holding, while the Property Fund owns 21.5
percent. The company has an estimated share capital of EUR 280 million.
The Ministr of Economy first announced it intention to sell a 15 percent
stake in CE Oltenia back in 2012, and since then the IPO has been
delayed several times.
(Business Review Romania)