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March 31, 2023

Nuclearelectrica offering ends successfully, stocks over-underwritten

The initial public offering for the sale of a 10 percent stake in nuclear power company Nuclearelectrica ended successfully, with the shares being over-underwritten both for those aimed at the small investors and the institutional investors, capital market sources told Agerpres on Friday. ‘The underwriting ended today (Friday – editor’s note.) at 1 p.m. and at this moment (1:45 p.m. – editor’s note) the orders are still being taken over to be recorded in the system. The offering has been over-underwritten, therefore it will be declared a success. The official announcement will be made on Monday, September 23, when announced will be the price and the assignment percentage’, the sources explained.
Friday was the last day when the investors interested in Nuclearelectrica shares could underwrite as part of the initial public offering for the sale of 10 percent of the nuclear producer stocks. The offering began on Sept. 9 and had been scheduled to last two weeks.
The offering will be deemed a success provided all of the following requirements are met: the offering should be 100 percent underwritten and the stocks are admitted to trading in a system managed by the Bucharest Stock Exchange.
Nuclearelectrica operates Cernavoda Nuclear Power Plant (southeastern Romania), where two reactors are currently operational, having a combined 1,400-megawatt power, which together provide around 20 percent of the Romanian electricity production.
The Romanian Government plans to build another two nuclear reactors at Cernavoda by 2020, with the project amounting to EUR 6.45 billion, for which Nuclearelectrica is currently looking for private partners.
Romania has pledged to the International Monetary Fund to carry out an energy sector privatization plan, which calls for the Stock Exchange listing of 10 percent of Nuclearelectrica in this September and 10 percent of natural gas company Romgaz in November. Next follows electricity supplier Electrica, with a majority stake to be turned to private hands by April 2014 and a 15 percent block of shares in Oltenia Energy (mining) Company to be listed by next mid-year. Furthermore, a 10 percent stake in hydro-electric power producer Hidroelectrica will be listed on the Stock Exchange in next autumn. Hunedoara Energy Company will be sold to a strategic investor next year too.

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