If the Romanian Government insists on listing Hidroelectrica's shares on Bucharest Stock Exchange (BVB) alone, Fondul Proprietatea (FP) will have to reduce the stake put up for sale accordingly to some half of its 20% stake, FP vice-president Marius Dan said in an interview with Reuters.

Under the National Recovery and Resilience Plan (PNRR), Romania's Government committed to having floated at least 15% of Hidroelectrica's shares by mid-2023.

To demonstrate its good faith and demonstrate that the single-listing option is viable, the Government should top up FP's 10% stake with at least 5% of Hidroelectrica's shares under the IPO expected to take place sometime in the first half of next year.

Fondul Proprietatea's officials will approach prime minister Nicolae Ciuca and other ruling coalition leaders in the coming weeks to discuss the recommendation for a dual listing drafted by the consortium of banks brokering the operation.

"Even if it is just a listing in Bucharest, we are committed to continuing the process and completing it as soon as possible. Having said that, we are not selling Hidroelectrica at any price," said Marius Dan, according to Profit.ro.

"We will try to complete the Hidroelectrica listing as soon as possible, but from where we are today, the optimal window of opportunity seems to be March-April 2023," he added.

andrei@romania-insider.com

(Photo source: Inquam Photos/Octav Ganea)