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The Romanian government will sell a 10 percent stake in state-owned Nuclearlectrica, the nuclear power producer, through an initial public offering (IPO), as part of the agreement with international lenders.
The Financial Supervision Authority approved the IPO, which will be carried out between September 9 – 20 on the Bucharest Stock Exchange (BSE).
The offering has been split into three tranches and the price ranges from RON 11.2 to RON 15 per share. Institutional investors have been allotted 85 percent of the shares. Large retail investors can subscribe 5 percent of the shares, while small retail investors can buy 10 percent of them.
According to Mediafax newswire, the government is set to raise between EUR 64 million to EUR 85 million, depending on the subscription price. The company said it will use the IPO funds to finance its investment program.
If the IPO is successful, the government’s stake will be lowered from 90.27 percent to 81.28 percent, while the Property Fund will remain with 8.8 percent of the shares providing that it doesn’t participate in the offer.
Authorities aim to list Romgaz, the state-owned gas producer, this autumn. The IPOs in Electrica, the power company, the Oltenia Energy Complex (CEO) and Hidroelectrica, the hydroelectricity producer, are scheduled for next year.
Nuclearlectrica registered first half profits of EUR 48.5 million from a loss of EUR 7.6 million in the same period of last year. Its turnover gained 20 percent year-on-year to EUR 212 million. Business review Romania
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