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First Transelectrica corporate share issue launching, scheduled for this year-end

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Transelectrica will launch the first issue of corporate shares by the end of this year, at the latest, its value accounting for 200 million lei from the 900 million lei cap, recently approved by the Extraordinary General Meeting of Shareholders, Transelectrica CEO Stefan Bucataru pointed out.

'The corporate share launching is in an advanced stage. The process would conclude by the end of this year. The first inaugural issue stands at 200 million lei from the 900 million lei cap, approved on November 6 by the Extraordinary General Meeting of Shareholders of Transelectrica. The first issue covers five years. The second stage of this issue will begin in the beginning of next year, but we do not know a concrete date yet. We have a strategy with some principles, not with fixed landmarks. I am positive that part of our issue will be directly or indirectly funded by EBRD [The European Bank for Reconstruction and Development] and the intermediary for these corporate shares is BCR Erste,' Bucataru said.

He added that the amount from the inaugural share issue would be devoted mainly to investments, which will allow the increase in the capacity of interconnection with Romania's neighbouring countries.

According to Transelectrica financial results presented, the national transport and system operator in the energy sector reported in the first nine months of 2013 a net profit worth 132 million lei, increasing 13 times (+1,154 percent) from the same period of last year, when the company's net profit accounted for 10 million lei.

Transelectrica is the transport and system operator of the Romanian energy sector. The company's shareholders on June 30, 2013, were the Romanian state, through the Public Finance Ministry (58.68 percent), Proprietatea Fund (13.49 percent), SIF Oltenia (7.11 percent) and other shareholders, on the stock market (20.70 percent).

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