Franklin Templeton puts Hidroeelectrica’s single-market IPO on the FP shareholder meeting agenda

Franklin Templeton International, the manager of Fondul Proprietatea (FP), announced it added a new point on the agenda of FP’s November 15 shareholder meeting, namely the listing of the shares held by FP in Hidroelectrica exclusively on the local Stock Exchange (BVB) - as suggested by the Government of Romania.

The agenda still includes the proposal for the dual-listing of Hidroelectricas shares as well.

“The amounts resulting from the partial or entire sale of the package of shares during the secondary public offering shall be distributed to Company’s shareholders as a special dividend within 3 months of the collection of that amount by the Company,” according to the proposal advocated by the Government.

Fondul Proprietatea owns approximately 20% of the total shares of Hidroelectrica, the largest electricity producer in Romania. Among the shareholders of FP are private pension funds Pilon II, the American group Silver Point Capital and mutual funds, and the Romanian Government (5.8%).

The state-owned hydropower producer Hidroelectrica will have its initial public offering by the end of June 2023. The date was agreed upon after talks between prime minister Nicolae Ciucă and other representatives of the Government and a delegation from Fondul Proprietatea.

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