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The ministry of energy: Hidroelectrica will be listed on the stock exchange when they have the market conditions

Hidroelectrica will be listed on the stock exchange when the conditions on the market allow the best price, so that this will be the biggest privatisation even made in Romania, stated on Friday the minister of energy Victor Georgescu in a press conference.

He showed that, after the company gets out of insolvency, Hidroelectrica has three immediate objectives: the continuation of modernisation, investments and preparation for listing and at least during his mandate, Hidroelectrica will not go back to the situation four years ago.

Minister Grigorescu considered that the money obtained by the listing of the company will not go to cover the budgetary deficit, as it happened in the case of other privatisations.

According to him, the listing will have to be made when the market conditions allow the maximum price for the selling of shares. ‘ We have to take into consideration the recommendation made by the consultant with regards to the best price and we have to have a look at the conditions on the market when they are met, so that this privatisation be the biggest privatisation Romania has ever made. So, Romania must choose its best moment, to maximise its position on the market and the position of the company in the energy system and the regional context’ Grigorescu said.

However, he admitted the fact that, by principle, Hidroelectrica will be listed only after the assets with no connection with the activity of the company are outsourced.

Grigorescu announced that, on Friday the AGA named the Supervision Council until a council named on the basis of the ordnance for cooperative governance is elected.

The seven members of the council are: Ionut Purica (academician), Mihai Anutei (CEO Azomures), Robert Pana (vice chairman BVB), Craita Bucheru, Elena Voicu and Romeo Susanu on the part of the ministry of economy as well as Oana Truta, representative of Fondului Proprietatea.

The supervision council will name a leadership.

Hidroelectrica was out of insolvency on Tuesday after four years of judicial reorganisation.

Moreover, after getting out of insolvency, the ministry of economy, the majority shareholder of the Hidroelectrica intends to be listed on the stock exchange with a package of 15% of the shares of the company.

The company got last year a turnover of 3.1 billion lei and a profit of 1.1 billion lei. For this year a record profit is expected – 1.3 billion lei.