The Romanian executive decided Tuesday the start of procedures to list 15% stakes in electricity distributors Electrica Distributie Transilvania Sud, Electrica Distributie Transilvania Nord and Electrica Distributie Muntenia Nord, government spokesman Dan Suciu said Tuesday.
The sale price will be decided in shareholder meetings held at each unit, based on broker recommendations.
Electrica SA, which has a market share of 3% on the electricity supply segment, will cease to exist once its activity is transferred to Electrica Furnizare. In its turn, Electrica Furnizare will be sold by the end of October 2012, under agreements with the International Monetary Fund.
Each of the three companies is 78% owned by Electrica, while investment fund Fondul Proprietatea (FP.RO) holds 22% stakes.