Fondul Proprietatea (FP) is negotiating the takeover of shares in Electrical, in the initial public offering (IPO) or from the actual participation of the state, in exchange for packages held in four companies of Electrica Group, said FP manager, Grzegorz Konieczny, quoted by Mediafax. FP holds a 22% stake in each of the four subsidiaries of Electrica and expects to get a similar package of Electrica titles.

The four companies in question are Electrica Distribution Muntenia Nord, Electrica Distribution Transilvania Nord, Electrical Distribution Transilvania Sud and Electrica Supply. The manager added that negotiations are ongoing right now, and FP believes that only Electrica will meet the deadline for the announced IPO.

For entry on the Bucharest Stock exchange, Electrica has decided to sell a package of new shares representing 105% of the capital, securities issued in a capital increase, through this offer the state targeting the assignment of majority stake to private investors.

Department of Energy has established a new company, the Company for Administration of Participations in Energy (SAPE), which will take Electrica’s minority stakes in several firms with private majority shareholders, and the privatization contracts of former subsidiaries.