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Electrica’s listing documents, including the prospect, were approved Tuesday by authorities, told energynomics.ro market sources.
More details will be officially announced during the day (Wednesday, June 11), after the final approval by the Government, stated same sources. According to previous statements, the government could get at least 300 million euro from the dual IPO on Bucharest and London stock exchanges, while the money obtained from the selloff of the 51% package will be reinvested in the network infrastructure.
The London Stock Exchange has recently published a notice of Electrica’s intention to launch an IPO of new shares at BSE and Global Depositary Receipts on the London Stock Exchange –a so-called “Intention to Float” (ITF).
“The Department of Energy intends to turn out the listing of Electrica into the biggest IPO ever on BSE. At the same time, we know that certain investors express their reserved optimism as they take into account the external conjuncture, Romania’s sovereign rating and the possible developments in the geopolitical situation in the region. We assure all that Electrica is a very stable, solid, regulated and predictable income which will represent an investment in the medium and long term, ” recently said the Minister of Energy, Razvan Nicolescu.
According to data previously submitted by the General Privatization Direction and Management of State Assets with the Department of Energy Energy, the subscription is projected for mid-June, and effective listing will take place late June.In 2013, the
Group generated consolidated revenues of approximately 5.2 billion lei and a consolidated EBITDA of around 749 million lei from activities.
