Managing director Badea: chances for Hidroelectrica to be listed next year are quite high

The chances for Hidroelectrica to be listed next year are quite high, and the process could be completed by September 2020, Bogdan Badea, the managing director of the energy producer, told a Thursday's conference. 

Since 2013, the Government has aimed at listing 15pct of Hidroelectrica's shares on the stock exchange. Meanwhile, by Government decision, the package proposed for listing was modified to 10pct. 

"There is a good chance for Hidroelectrica to be listed until next year. The target we set is September 2020, once we have passed the opinion with reservations," said Badea, present at the Focus Energetic conference. 

He explained that there were old, historic projects, whose completion was uncertain, and this made the listing process more difficult. 

"We have clarified them all through General Assemblies of shareholders' decisions. Basically, the auditors have eliminated the opinion with reservations, because their problem was related to uncertainty, being very large investments. We made value adjustments on many of them. projects that continue to exceed one billion lei," said the head of Hidroelectrica. 

According to Badea, there is a committee in the Ministry of Energy, which must approve all the listing steps and the specifications. 

"We completed the tasks last week for the legal consultant, we are in the process of preparing the documentation required to climb the SEAP to organize the tender. It is not yet known whether there will be a double listing, it will definitely be on the Bucharest Stock Exchange," said the head of the energy producer. 

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