“The best-case scenario points to the insolvency process being completed by the end of 2014, while the offering will probably take place in 2015,” said Grzegorz Konieczny, manager of Fondul Proprietatea.
Hidroelectrica is 80.05%-owned by the state, while Fondul Proprietatea holds a 19.95% stake.
The Romanian authorities had planned to list Hidroelectrica in Bucharest in the first half of 2014, but the operation was delayed after the company was ordered back under insolvency, just months after completing a 12-month reorganization process.
Romania’s privatization strategy for 2014 also includes selling 15% in energy holding CE Oltenia.
“The initial public offering was scheduled for June, but it was postponed for the second half of the year. However, there are still many questions about it,” Konieczny said.
He said CE Oltenia should undergo reorganization before the IPO.
Another potentially attractive company for investors is state-run salt producer Salrom, which should also be listed in Bucharest, Konieczny said.
Romanian Economy Ministry owns 51.1% in Salrom, while Fondul Proprietatea controls the remaining shares.