“The technical procedures should take about three to six months,” Trihenea said. “If the moment is not right, I think the listing could be delayed,” he added.
Trihenea said Hidroelectrica is still debating on whether to call for a capital increase before launching a public offering in Bucharest.
“One thing is certain: Hidroelectrica will not get any money at the initial public offering. The money goes to the state… and to Fondul Proprietatea,” the company official said.
Romania’s Economy Ministry owns 80.05% in Hidroelectrica, while investment fund Fondul Proprietatea (FP.RO) holds a 19.94% stake.
The authorities plan to sell between 10% and 15% in Hidroelectrica, as part of a larger privatization strategy that targets large state-owned companies in the energy and transport sectors.
Hidroelectrica is Romania’s largest energy producer, covering around 30% of the domestic output.