The Romanian Ministry of Finance, as a minority shareholder (5.78%) of Fondul Proprietatea, is requiring the fund to decide that the entire share package in Hidroelectrica prepared for sale be listed only on the Bucharest Stock Exchange - and not under a dual listing as wished by fund’s manager Franklin Templeton, Profit.ro reported.

The specification comes roughly a week after Fondul Proprietatea’s manager Franklin Templeton implied that the IPO could actually not take place - while Hidroelectrica’s shares would be better sold “by direct negotiations.”

Such an option is obviously not acceptable to the Government, though, and the option was most likely floated as part of the negotiation process.

The Ministry also requires that the revenues generated by the IPO be disbursed to the fund’s shareholders within a maximum of three months after the money is collected in the form of a special dividend.

iulian@romania-insider.com

(Photo source: Facebook/Hidroelectrica)