Hidroelectrica and Nuclearelectrica could obtain a cumulated EUR 3.5 bln by floating minority stakes on the stock exchange, and use this money for purchases in and outside Romania, yesterday said Greg Konieczny, manager of the Proprietatea Fund (FP), quoted by Mediafax.
“Hidroelectrica could draw EUR 2.2 bln by listing, while Nuclearelectrica might obtain EUR 1.3 bln, without the state losing the control. They (the companies) could use the money for purchases in and outside the country,” Konieczny explained. According to the FP official, bilateral contracts made Hidroelectrica lose RON 800 M of its 2009 profit. Franklin Templeton believes the state could float 36 pc of Hidroelectrica shares on the stock exchange, resulting from a capital increase, and a similar operation might be conducted with 43 pc of Nuclearelectrica.
This would still leave the state in control, with stakes of 51 pc in each company, down from its current participations of 80 pc in Hidroelectrica and 90 pc in Nuclearelectrica. This would also bring the stakes held by the Proprietatea Fund down from 20 pc to 13 pc in Hidroelectrica and from 10 pc to 6 pc in Nuclearelectrica.