Romania’s government has reportedly decided to start the IPO for 51% in power distribution group Electrica on June 10, expecting EUR 390mn to be cashed by the company from the new shares issue, Ziarul Financiar daily announced quoting apparently leaked data. The government also allegedly wants to guarantee a certain amount of shares [worth EUR 3,600 approx.] will be available for small individual investors.
Earlier this month, the government said that the decision on Electrica’s IPO would be endorsed by the end of May and will start 3-4 days afterwards. GDRs will most likely be on sale in London parallel with the shares issued on the local market.
Electrica is formed essentially by 100% in three of the country’s regional power distribution firms. It reported RON 5.5bn [EUR 1.23bn] in revenues and a RON 452mn [EUR 101mn] net profit in 2012.
The EUR 390mn expected by the government from the 51% stake means that the company’s shares would be valued at 7 times its net profit – well within the 5-7 PER seen for similar companies in the region, the daily commented.
Montenegro’s government has decided to speed up the acquisition of Italian A2A's stake in the power firm EPCG, paying €68.9mn for a ... more
LNG Hrvatska has reportedly received just one binding offer to lease capacity at the planned planned liquefied natural gas (LNG) terminal on the Croatian island of Krk, unnamed sources ... more
Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more