-0.7 C
Bucharest
January 17, 2022
BUSINESS

Green light to listing 10 pc of Hidroelectrica and Nuclearelectrica shares

The Government gave the green light to the initiation of procedures to list a 10 pc-package of Hidroelectrica and Nucleare­lectrica shares on the stock market, under the terms of the IMF agreement, Mediafax reports. The state will forfeit its subscription right to allow investors to become shareholders in the two companies, the biggest energy-producers in Romania, by these initial public offerings. Fondul Proprietatea will be able to keep hold of its shares if it subscribes stocks during the IPO operations.

The selling price for the newly-issued shares will be at the least the equivalent of the reference price used in a bidding price-assessment mechanism approved by the Romanian National Securities Commission (CNVM), a release by the Executive informs. The Romanian authorities agreed with the IMF that procedures to organize an IPO for 10 pc of Hidroelectrica shares should be completed by the end of October, after hiring, within the first two months of 2012, an investment bank to prepare the operation.

The Hidroelectrica listing will be conducted by boosting the company’s joint stock. A similar operation will be applied in Nuclearelectrica’s case. Thus, by mid-February 2012, an investment bank will be hired to prepare the listing and the sales prospectus is to be published by late July. The state will also hire a legal advisor for this operation.

Related posts

Deloitte, recognized as the Tax Firm of the Year at the 2020 European Tax Awards

NINE O'CLOCK

EY Study: Adoption of telework in pandemic highlights problems related to the underfunding of the cyber defense area

NINE O'CLOCK

Honda Trading Romania launches the new Civic 5D at the beginning of March

Nine O' Clock