Last barrier to Hidroelectrica’s listing on the stock market has been removed, following Bucharest Appeal Court decision on March 30.
“We are confident that the completion of insolvency procedure will enable the Ministry of Energy to accelerate the process, first by ensuring the members’ appointment of new Supervisory Board, according to 111/2016 law for 4-year term in the next General Shareholder Meeting of Hidroelectrica, scheduled for April 19, 2017,” said Greg Konieczny, Executive Vice President, Templeton Emerging Markets Group and Fund Manager of Fondul Proprietatea (FP), a press release informs.
He said that these new appointments are essential not just for the listing process, but also for Hidroelectrica’s stability and its long-term development as energy market leader in Romania.
“We consider that the needless perpetuating of the status quo for Supervisory Board interim of a company of this scale brings huge risks for its shareholders,” FP official warned.
According to him, Hidroelectrica has managed to double its value from EUR 2 billion to EUR 4 billion between 2012 and 2016, according to independent evaluations, and to record more than EUR 280 million net profit in 2016 compared losses of EUR 100 million recorded in 2012.
Meanwhile, Ministry of Energy announced that had sent Friday to Hidroelectrica its proposals for new members of the Supervisory Board, noting that they will be appointed provisionally for a period of four months, according to a document signed by the relevant minister Toma Petcu.
The proposal will be discussed in the General Shareholders Meeting of Hidroelectrica on April 19.
Energy Ministry’s proposals are Ioana-Andreea Lambru, Dorin-Liviu Nistoran, Gheorghe-Gabriel Gheorghe Laurentiu- Dan Tudor, Horia-Marian Gambuteanu and Andreea Negru-Ciobanu.