Monday, September 23, 2013

Romania Nuclearelectrica finalises IPO

(Reuters) - Romania's state-owned nuclear power plant Nuclearelectrica sold 10 percent of its shares through an initial public offering on the Bucharest stock exchange for roughly 282 million lei ($85.36 million), the energy ministry said on Monday.

The firm, which provides almost 20 percent of the country's energy output, also sold a 1 percent stake to investment fund Fondul Proprietatea, a minority shareholder, bringing the listing's value to a total 312.5 million.

In June, the leftist government of Prime Minister Victor Ponta set a price range of 11.2-15 lei per share in the IPO, which was tabled for early July but then saw several delays due to administrative issues.

The listing is part of wider privatisation commitments that Romania has agreed with the International Monetary Fund under a series of aid deals.
Nuclearelectrica is the first IPO of a state-owned company since the 2007 listing of a minority stake in gas grid operator Transgaz. ($1 = 3.3036 Romanian lei) (Reporting by Luiza Ilie; Editing by Radu Marinas)

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