Romanian telecoms group RCS&RDS reportedly plans to list up to 25% of its shares on the Bucharest Stock Exchange (BVB), a transaction estimated at around €500mn, mirsanu.ro reported on April 14.
This would be the first large-scale listing of a local private company on the Bucharest bourse in years. The listing would be in line with the BVB’s plan to attract more companies to list and boost liquidity. The series of large-scale IPOs in the last few years were all by state-controlled companies.
The transaction, which could take place in the second half of the year, would offer smaller foreign investors the possibility to exit the shareholding structure considering the majority shareholder, Zoltan Teszari, has showed no interest in acquiring their stakes, unnamed sources claim
A consortium of Citibank, Deutsche Bank, Wood brokerage, Raiffeisen and BRD would reportedly act as intermediaries of the transaction. Investors could be offered a minority package of preferential shares with no voting rights, the sources said.
RCS&RDS operates the largest cable TV network in the country and has diversified into all areas of telecom services. It also holds an electricity supply license. In 2014, it had a turnover of RON2.3bn(€514.1mn) and more than 10,000 employees. Its net loss widened to RON71mn from RON13.7mn a year before.
IN 2007, the company planned to offer global depositary receipts (GDR) on the London stock exchange, but gave up plans quoting unfavourable market conditions. RCS&RDS wanted to raise $390-540mn from the 15% IPO, with an over-subscription clause that would have brought it up to $575mn. The company instead contracted a $500mn loan from a group of banks.
The shareholding structure of RCS&RDS is complicated. According to data from the National Council of Romania, the majority shareholder in RCS&RDS is Cable Communications Systems, with an 87% holding. Teszari holds a 1.8% stake. He is also a shareholder in Cable Communications Systems and RCS Management which is a shareholder in Cable Communications Systems.
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