The Energy Ministry has prepared a draft bill on Hidroelectrica’s listing of a 10 percent stake in an Initial Public Offering (IPO).

The bill which is debated in the Energy Ministry will change thus the Government Decision 1066/2013 for the privatization strategy approval of Hidroelectrica.

Thus the draft bill will open with a primary public offer “of shares sales via the subscription offer of a newly-issued shares stake representing 10 percent of the social capital before the increase in the social capital.”

The document says that “the increase in the company’s social capital will be realized with a newly issued shares stake of 12.49 percent of the existent social capital”.

Moreover, the preference subscription for existent private shareholders’ at the selling price of the newly issued shares within the primary public offer will be offered for newly issued shares of 2.49 percent of the existent social capital, proportional with the shares owned before the increase in the social capital, says the document for the draft bill.

In the initial version, the increase in the company’s social capital was to be made for a newly issued shares stake of 18.74 percent of the social capital.

The company announced that it has this week a new organizational chart approved “whose role is to accelerate the IPO process and to lead the company to development and investments”.

In the first semester of this year the company registered a net profit of RON 716 million, compared with the turnover of RON 1.705 billion.

At the end of 2016, Hidroelectrica registered a net profit of RON 1.227 billion, compared with the turnover of RON 3.338 billion.