“The proceedings will not go to the state budget; they will be kept by the company to be used for the infrastructure linking Romania and the Moldova Republic,” Ponta told a conference on Black Sea security levels.
This is a political decision aimed at improving Romania’s energy infrastructure, Ponta said.
“Everybody [the various ministers of the Romanian cabinet] wants to use this money, but we’ve made a political decision to leave the money with the company.”
Romania plans to sell a 51% stake in Electrica this month via a dual initial public offering in Bucharest and London. The authorities hired a consortium comprising BRD, Citigroup, Raiffeisen Capital&Investment, Societe Generale and Swiss Capital to assist with the IPO.
The state hopes to raise over EUR400 million in the sale.