Romania May Get 3.5 Bln Euro from Listing Stakes in Hidroelectrica, Nuclearelectrica – Media

BUCHAREST (Romania), November 22 (SeeNews) – Romania may cash in a combined 3.5 billion euro ($4.7 billion) from selling on the bourse minority stakes in hydropower producer Hidroelectrica and nuclear power plant operator Nuclearelectrica, according to Fondul Proprietatea [BSE:FP], local media reported on Tuesday.

Property restitution fund Proprietatea holds 19.94% of Hidroelectrica and a 9.72% stake in Nuclearelectrica. The Romanian government owns the remaining shares in the two companies.

Romania can earn around 2.2 billion euro from listing a minority stake in Hidroelectrica and 1.3 billion from selling a minority stake in Nuclearelectrica, news portal Hotnews.ro quoted Fondul Proprietatea’s manager, Greg Konieczny, as saying.

"Keeping [the companies] in the hands of the state is a disadvantage both for the company and the market," Konieczny said.

Romania has not disclosed yet the size of the stakes in the two companies it plans to sell on the Bucharest Stock Exchange, BVB.

The planned sales are part of a larger privatisation strategy which should see Romania divest minority stakes in key energy and transport companies, including Transelectrica, Transgaz, Romgaz, OMV Petrom and Tarom.

($ = 0.7399 euro)

Choose your newsletter by Renewables Now. Join for free!