General Meeting of Hidroelectrica Shareholders has appointed Friday a provisional Supervisory Board, where the majority of members are independent, Energy Minister Victor Grigorescu, said in a press conference.
The seven members of the Council are: Ionut Purica (academician), Mihai Anuței (CEO Azomureş), Robert Pană (BVB Vicepresident), Crăița Bucheru, Elena Voicu and Romeo Susanu from the Ministry of Energy and Oana Truţă, representative of Fondul Proprietatea (FP).
The Bucharest Court decided on Tuesday, June 21, the closure of the insolvency proceedings of Hidroelectrica, after four years of legal reorganization.
Further, after leaving the insolvency Ministry of Energy, the majority shareholder of Hidroelectrica, is considering the listing of a package of 15 percent of company’s shares.
Remus Borza, head of Euro Insol, state-owned electricity producer’s trustee in bankruptcy, estimates that Hidroelectrica will register in 2016 a record profit of RON 1.3 billion, compared to RON 899.4 million in 2015.
The other shareholder, Fondul Proprietatea (FP) advocates for Hidroelectrica’s dual listing on both the Bucharest Stock Exchange and the London Stock Exchange. According to FP officials, Hidroelectrica’s listing would bring benefits to the Romanian capital market, as well as ensure access to a larger pool of demand at the time of the IPO and afterwards, as well as greater visibility for the company.
Hidroelectrica’s provisional Supervisory Board is on a limited period, until the recruitment of a Board under 109 Emergency Ordinance (on corporate governance within state-owned companies – ed. note).