Bogdan Badea, President of the Hidroelectrica Board of Directors, believes that the initial public offering (IPO) of the company at the Bucharest exchange could take place in September 2020, given the current stage of the procedures.

Historic investment projects are no longer a problem in the listing process, as the company has made decisions about them, Bogdan Badea said in a conference organized by Focus Energetic, adding: “We have no longer reserved opinion from the auditor. These historical investments were the main impediment to listing. Once this issue is resolved, we have started the selection procedure for the legal consultant for listing, for the equity adviser and for the listing consortium. On a normal schedule, listing can happen somewhere in September 2020.”

The CEO of Hidroelectrica mentioned that the company is interested in taking over some assets that are available for sale, at this moment on the Romanian energy market, such as Cez or Enel assets, according to financialintelligence.ro.

“Listing is an important source of supplementary income so we can discuss a merger, purchase,” said Badea.

Since 2013, the government has proposed a listing of 15% of Hidroelectrica’s shares on the stock exchange. Meanwhile, by Government decision, the package proposed for listing was modified to 10%.

The Romanian state, through the Ministry of Energy, owns 80% of the shares of Hidroelectrica, the remaining 20% being in the portfolio of Fondul Proprietatea.