Fondul Proprietatea (FP) announced the start of the sale procedures to Electrica of the minority holdings held in the company’s subsidiaries, for approximately 165 million euros (752 million lei). Thus, FP sells 21,99% of Electrica Distributie Muntenia Nord, 22% of Electrica Distributie Transilvania Nord, 21,99% of Electrica Distributie Transilvania Sud and 22% of Electrica Furnizare SA.

“The aggregate value of the transaction will be in the amount of 752.031.841 lei. The shares will be acquired by Electrica along with all the rights attached to it in accordance with the applicable law, including the right to receive dividends, except for the dividends for the financial year ended on December 31st, 2016, which remain to be received by the Fund, as it has already been approved in the General Shareholders Meetings of the Subsidiaries from May 17th, 2017”, states the FP release.

The parties intend to sign the contractual documentation for the proposed transaction after obtaining the necessary corporate approvals from the shareholders, at Electrica and its subsidiaries, by October 31st, 2017.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.