The Romanian government should have taken advantage of the frenzy created by the listing of Hidroelectrica (H2O), of the interest in Romania at the time, said Marius Dan, deputy CEO Corporate Strategy with Franklin Templeton Bucharest.
The Fund’s largest stake, 49% (EUR64 million), Societatea Nationala a Sarii (Salrom), a company that manages five salt mines (Slanic, Targu-Ocna, Cacica, Ocnele Mari and Praid) and collects RON50 million a year from tourism, was next on the list of companies to take public, but the government officials said no.
The 20% stake in the Port of Constanta is valued at EUR66 million and the 20% stake in Bucharest Airports at EUR176.4 million.
“There is already a memorandum of understanding for Salrom approved by the government two years ago for us to take our stake public, but nothing has happened ever since.”
The Fund also believes that the listing of Bucharest Airports would be very good in order to raise cash for a new terminal, since the Henri Coanda Airport is more and more crowded. The Constanta Port, too, needs expansion, considering the increase in traffic, Marius Dan added.
The management of Franklin Templeton plans to continue listing the stakes it holds, following the sale of its nearly 20% in Hidroelectrica in an about EUR1.9 billion IPO.
“These are just some examples in our portfolio, which I think will contribute even more to the development of the local capital market and further consolidate Romania’s status as an increasingly important player in the region (…)”
(English version by Loredana Fratila-Cristescu)