Nuclearelectrica listing: The price range approved by the Government for institutional investors: RON 11.20-15 per share

The price range approved by the Government for the institutional investors interested in Nuclearelectrica is between RON 11.20/share (the inferior limit) and RON 15/share (the superior limit), according to a communique of the Ministry of Economy. The intermediation union dealing with Nuclearelectrica listing on the Bucharest Stock Exchange consists of Swiss Capital (union leader) and BT Securities, the union’s legal advisers being Musat & Asociatii and Hogan Lovells. Through the IPO to be carried out on BSE, the state plans to sell new shares accounting for 10% of Nuclearelectrica’s capital. In the next period, Nuclearelectrica’s General Meeting of Shareholders will approve the share capital increase, as well as the prospectus of the offering, which will be subject to approval by the Financial Supervisory Authority (ASF). Currently, the state is the majority shareholder of Nuclearelectrica, with a 90.28% stake, and Fondul Proprietatea (FP) owns the remaining shares of 9.72%.  “Nuclearelectrica listing on the Bucharest Stock Exchange, a key objective of the Government’s privatization calendar for this year committed to the IMF, is an important step to strengthen and develop the Romanian capital market with positive effects in the entire local financial and economic environment. After more than six months when the Romanian exchange recorded no significant new presence, the trading of a major electricity producer will become an essential catalyzer to revive the financial sector, as well as the energy sector in Romania”, the communique reads. The Government Decision on the privatization strategy of Nuclearelectrica was approved on Wednesday, June 19^th. According to Minister for Energy Constantin Nita, 85% of the shares will be offered to the institutional investors, and the difference – to the retail investors.