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.
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