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.