Investment Fund Fondul Proprietatea (FP) will launch a series of meetings with investors interested in its 20 % stake in Romanian electricity producer Hidroelectrica as a prelude to the initial public offering (IPO) planned for early 2023, while, at the same time, keeping open the option for a private deal.
The fund’s deputy General Manager Marius Dan said that a special clause will be endorsed by FP’s shareholders at their meeting scheduled for 15 November, which allows for a private deal which will be aimed to maximize the value of the stake, but also to facilitate the best distribution of revenues to FP’s shareholders.
He also said that listing Hidroelectrica’s shares on an external market in addition to the Bucharest Stock Exchange (BVB) would facilitate the issuance of green bonds and access to a wide range of instruments for attracting capital.
Dual-listing is a preferred option by FP, however, the Romanian state, as the majority stakeholder in Hidroelectrica, has rejected it. FP even threatened that it will list smaller package of its shares in case the Government stands with its decision to list the share only on the BVB.