Judicial administrator of the Romanian electricity producer Hidroelectrica Remus Borza said that the company is ready to exit insolvency next week, namely on 8 June when the next term for the retrial is scheduled at the Bucharest Court.
Borza reminded that in 2012, when his company Euro Insol took over the management of Hidroelectrica, it was the most indebted company in Romania with 1.2 billion euros of debts. But today the company owes nothing and all of its debt has been cleared. In the past three years, the company managed to achieve a combined gross profit of 500 million euros and it was the first insolvent company which managed to pay dividends to its shareholders.
He said that the company managed to allocate some 1.2 billion euros to investment budget for the period 2015-2020, although it was insolvent in the past four years.
The listing of Hidroelectrica would be the first IPO of state-owned company in Romania in the last two years. Besides the 15 % of the shares that the state has committed to list at the IPO, it is very likely that Fondul Proprietatea intends to sell 5 % of its stake in the company during the IPO, as well as additional 3.74 % stake which represents the subscription rights that Fondul Proprietatea has in the share capital increase process. Borza said in February that the initial public offering (IPO) of the company’s shares will most likely take place in November 2016 if the company exits insolvency in May or June.
Romanian state owns 80 % stake in Hidroelectrica through the Ministry of Energy, while private investment fund Fondul Proprietatea owns the remaining 20 % of the company’s shares, transmits Serbia-energy.eu