Fondul Proprietatea owned 19.9% in Hidroelectrica at the end of July, a stake assessed at $894.22 million and accounting for 36.37% of FP’s portfolio.
FP said in August last year it was looking to sell its stake in the hydropower producer due to lack of progress in floating the company on the Bucharest Stock Exchange.
The Romanian state has taken no further steps towards listing and the mandate of Morgan Stanley and Raiffeisen in view of the listing was not extended when it expired in early August 2018. Moreover, Hidroelectrica currently has a limited-mandate management board which cannot make decisions on listing.
Hidroelectrica posted a net profit of RON962 million in the first half of the year, up 34% compared with the same period lats year. In 2017, the company had a record profit of RON1.36 billion.