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Hidroelectrica to float a 10pct-stake for starters
Officials want to float a 10pct-stake in Hidroelectrica for starters, and then a further 5pct-stake, but to start the process the conclusions of the brokering consortium are expected, Energy Minister Toma Petcu told a news conference on Friday.
"We will pass, as soon as possible, a government decision that will modify one thing: the percentage of the listing. We will not modify the method, only the stake to be listed will change, in the sense that from 15pct, the size of the stake the Romanian Governemnt wants to float, we only want 10pct to see how it works in the market, how Hidroelectrica appears in the market as a listed company, so that we may have the opportunity chosen by the gov't to list the remaining 5pct to maximise the money that is being raised. The money derived from the listing will go into the company's coffers, and we want it to be used for development only. We are interested in seeing whether we can develop new capacities, we are interested in long-term development," Petcu said.
He said he is waiting for the brokering consortium's conclusions to start the initial public offering (IPO).
"The current supervisory board is provisional; we have issued the requirements, which we are going to upload to the SEAP [electronic public procurement system], to procure a recruiting company next week to be able to elect the representatives on the boards of directors," said Petcu.