Romanian state-controlled hydropower group Hidroelectrica hired STJ Advisors Group as an equity adviser to provide consulting services for the company's planned IPO that will probably take place next year, Profit.ro reported.
The fee for this service will be EUR 950,000.
"Today, we have a complete team of consultants to be with us in the preparation phase of the listing process of Hidoelectrica. At the end of this stage, we will contract the services of an authorized intermediary or listing consortium for the IPO," announced Karoly Borbely, a member of the supervisory board of Hidroelectrica.
The board has recently proposed to the shareholders an updated investment strategy that involves projects worth RON 26 billion (EUR 5.36 bln) by 2030.
"As for choosing the right time for the IPO, this will be established later, so that the listing will bring maximum benefits to the company's shareholders," Borbely added.
However, it is 100% certain that the listing will not be this year, due to the effects of the COVID-19 pandemic, Borbely commented recently.
(Photo: Liang Zhao/ Dreamstime)
Both the revenues and net profit of Hidroelectrica, the largest electricity producer in Romania, contracted by some 14%...