Romania’s Hidroelectrica to pick up consultant for 15% IPO

By bne IntelliNews December 23, 2013

Romania’s state-controlled hydropower company Hidroelectrica, which has a total installed capacity of 6.5GW and a EUR 1bn capital at book value, will pick up a new consultant for its IPO scheduled in 2014, news agency Mediafax announced quoting a company statement. Bids are expected by January 20.

The government has decided recently to increase the size of the IPO from 10% to 15% and the company consequently cancelled the previous procedures aimed at selecting the IPO manager. Earlier in the spring of 2012, Hidroelectrica picked up a consortium formed by local lender BRD, Citigroup, Societe Generale and Intercapital but the final contract has not been signed yet.

Romania’s government holds 80% in Hidroelectrica and the remaining 20% is owned by the restitution fund Property Fund [Fondul Proprietatea].

The company was under insolvency procedures for one year between June 2012 and June 2013 and in this period terminated the loss-making controversial long-term contracts with private power traders. Hidroelectrica expects a record high EUR 200mn net profit for 2013, according to its former CEO Remus Borza – who managed Hidroelectrica during the insolvency procedures.

Related Articles

Shell again eyes oil, gas exploration in Bosnia

Royal Dutch Shell is again interested in oil and gas exploration in Bosnia & Herzegovina ... more

Romania's Transgaz to open branch in Moldova to speed up pipeline construction

Romanian natural gas transport company Transgaz will soon open an office in Chisinau to speed up the construction of Ungheni-Chisinau pipeline that will bring Romanian gas to Moldova’s main ... more

Russia's Rosneft sets foot in Mediterranean with $1.125bn Eni deal

Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more