Romania: Allianz acquired 5.09 % voting right in Electrica company

, SEE Energy News

Previously, Allianz held 4.92 % stake in Electrica. Romanian electricity supplier and distributor Electrica said that entities indirectly controlled by the German insurance group Allianz have exceeded the shareholding threshold of 5 %, thus acquiring 5.09 % of voting right in the company.

Allianz is a European multinational financial services company headquartered in Munich, Germany, whose core businesses are insurance and asset management. In Romania, it operates through Allianz-Tiriac Pensii Private.
Electrica said that it has recorded a net profit in the amount of 43 million euros in 2019, which is some 10 % lower compared to the previous year. The company’s operating profit fell to 48.4 million euros in 2019, from 54 million euros in 2018. Revenues rose to 1.3 billion euros 2019, compared to 1.16 billion euros in the previous year. Electrica’s total assets amounted to 1.61 billion euros at the end of 2019, up from 1.55 billion euros at end-2018.