The Property Fund has initiated legal procedures to summon general shareholders meetings at Romanias major power generators Nuclearelectrica and Hidroelectrica, in order to accelerate the planned IPOs at the two companies, according to a release posted on the Funds website. The meetings should be scheduled within 60 days. The Property Fund (FP), managed by Franklin Templeton Investments, holds 9.72% in Nuclearelectrica and 19.94% of Hidroelectrica. The ministry of economy holds the rest of the shares in both companies. FP advocates that the government agreed under the latest MoU with the IMF to sell minority stakes in the two state-controlled companies in order to generate funds necessary for further investments in the energy sector. By floating their shares, the two companies would improve their corporate governance, increase managements accountability and thus gain better access to the financing needed for the development of the major investment plans, FP explains. Both companies have scheduled major development projects for the coming years, including the 1,000MW reversed hydro pumped plant at Tarnita and the two 720MW nuclear reactors at Cernavoda nuclear plant. |
Romania's government has earmarked RON 163mn (EUR 37mn) worth of subsidies for 2013 under a programme aimed at closing down the loss-making mines of local company CNH located in the southwestern ... more
Romanian state-controlled hydropower company Hidroelectrica sold on Thursday, March 21, in several separate contracts a total of 0.3TWh of baseload electricity deliverable between April 1 and the ... more
The Romanian government will publish the privatisation call for freight railway company CFR Marfa immediately after the consultants complete their work, probably on April 6-8, Romanian transport ... more