Romanian Govt. summons Hidroelectrica's shareholders to announce IPO
Fondul Proprietatea (BVB: FP) announced that the Romanian Government agreed to summon for March 31 the shareholders of state-controlled power company Hidroelectrica to approve the listing of the energy company's shares at the Bucharest…
Andrei Chirileasa · Journalist
· Updated · 1 min read
Fondul Proprietatea (BVB: FP) announced that the Romanian Government agreed to summon for March 31 the shareholders of state-controlled power company Hidroelectrica to approve the listing of the energy company's shares at the Bucharest Stock Exchange (BVB) following a public share offering.
The shares offered under the procedure are part of the 19.9% stake held by Fondul Proprietatea, Ziarul Financiar reported.
Earlier this year, energy minister Virgil Popescu confirmed that the Government agreed to allow FP to list Hidroelectrica's shares following an IPO operation.
Johan Meyer, portfolio manager of Fondul Proprietatea, recently estimated the value of Hidroelectrica at over USD 10 bln. If listed, the company would be worth 10-15% more, he added.
For this year, the energy company expects RON 7.4 bln (EUR 1.5 bln) and plans to distribute RON 2.47 bln (EUR 500 mln) out of the net profit envisaged at RON 2.9 bln.
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