The government pledged to sell on the bourse 15% stakes in Transelectrica and Transgaz, respectively, by yearend, and to float 15% of Romgaz Medias in the first half of next year. As part of the agreement reached with the IMF, the government also pledged to float stakes of at least 10% in Hidroelectrica and Nuclearelectrica. At the same time, the offering for the sale of a 9.84% stake in Petrom is due to be carried out, after the state failed in selling the shares in July.
“Though the first stage of the program was not successful, we’re determined to continue the program as we planned and start with Transelectrica, with which we collaborated very well and which has the necessary know-how for the finalization of the next stage,” stated Victor Cazana, head of the Office for State Stakes and Industry Privatization (OPSPI).
The state’s representatives have recently announced they would float Tarom, and the Communication Ministry is preparing, together with OTE Greek group, the floatation of Romtelecom. The state has in the past years also voiced its intention to list some companies part of its portfolio, such as CFR and CEC Bank.
Valentin Ionescu, general manager of the Bucharest Stock Exchange (BVB), believes the state needs to learn from Petrol offering and realize that during this period of turmoil it must offer investors a discount if it wants its offerings to be successful.
On the other hand, OPSPI head answered that discounts are a sensitive subject and that the state finds it difficult to sell companies it takes pride in at a discount.
In the five years since Transelectrica was listed on the bourse, its shares have brought investors a return of around 20%, including dividend gains, taking into account Tuesday price of 18.4 lei/unit.
Horia Hahaianu, appointed general manager of the company in April, says one of his main objectives is to speed up investments in the following years. The company plans to raise funding inclusively from the bourse, through a capital increase due to be operated at the same time with the state’s sale offering.