The AIPC added that the company needs to issue additional shares, which would be granted to current holders, enabling them to maintain their stakes.
State-run power grid operator Transelectrica (TEL.RO) estimates it will obtain EUR80 million from a secondary public offer in the second half of 2011, general manager Horia Hahaianu said Wednesday.
Romania’s Economy Ministry, which owns 73.68% in Transelectrica, announced plans to sell a 15% stake later this year on the Bucharest bourse.
Hahaianu said Transelectrica plans to sell an additional stake of 12% in Bucharest to finance investments. Both transactions should occur simultaneous, he added.
The government also wants to sell minority stakes in other key energy and oil companies, including OMV Petrom (SNP.RO), Transgaz (TGN.RO), Nuclearelectrica and Romgaz.
On the Bucharest stock exchange early Wednesday, Translectrica traded down 1.5% at RON22.65 (EUR5.3) a share.
“An initial public offering would breach the preemption rights of shareholders, thus the share capital increase would require the issue of additional shares for the current holders, at issuing price, not at the sale price of the stake floated,” AIPC managing board president Dumitru Beze told MEDIAFAX.
Transelectrica is 73.68% owned by the state, while investment fund Fondul Proprietatea (FP.RO) holds 13.49%.