ACTMEDIA NEWS AGENCY

  |  2013-02-21

Hidroelectrica's share capital to increase by 12.49 pct

The share capital of Romania's Hidroelectrica water power corporation will increase by 12.49 percent on private equity contributions, while 10 percent of the newly issued will be floated on the stock market, according to a privatisation strategy for the company posted on the website of the Economy Ministry

According to the background note, the increase in the share capital will be performed by an initial public offering where the preferential rights of the exiting private shareholders in Hidroelectrica will be observed in accordance with the applicable legislation. A package of additional shares making up 2.49 percent of the total shares will be issued to secure the subscription by the Proprietatea Fund in accordance with its preferential right to preserve its stake at the size before the increase in the share capital. This way, a package of 10 percent of the share capital can be offered for subscription to potential investors on the capital market.
 

At the same time, no mandate will be issued to the representatives of the Romanian Government in the general shareholders' meeting to approve a selling price that would be lower than the nominal value of the newly issued shares.
 

Hidroelectrica will take the necessary steps for its shares to be traded on a capital market operated by an operator that is authorised by the National Securities Commission. The primary public offering will be carried out via an authorised broker.
 

Hidroelectrica is eyeing a gross profit of RON 434 million in 2013 for an estimated production of just 13 TWh, after this January it reported its biggest ever monthly profit, of RON 49 million, according to data released by the company on February 19.
 

Although undergoing insolvency procedures since June 20, 2012, over RON 4.4 billion in debt and losses of RON 350 million at the end of H1 2012, the measures implemented by the receiver of Hidroelectrica, Euro Insol, led to the company achieving a gross profit of RON 42 million in November 2012 and RON 36 million in December 2012.

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