Romania's Electrica wants shareholders’ OK for EUR 192 mln investments

Romanian electricity distributor and supplier Electrica wants to get its shareholders’ approval for investments of EUR 192.4 million. It will present them the investment budget on July 9. The state, which is the biggest shareholder, rejected the company’s first draft budget two months ago. It argued that the investment budget was too small compared to the commitment made when the company was listed one year ago. The new budget proposal increases by 30% investments for this year, to EUR 192.4 million. However, the budget is still 40% smaller than the amount promised to the investors at the company’s listing. Electrica is 49% state-controlled. The largest minority shareholder is the European Bank for Reconstruction and Development (EBRD), which holds an 8% stake. editor@romania-insider.com