Nuclearelectrica floatation, postponed for late August

Listing of Romania’s nuclear power producer Nuclearelectrica by selling a 10% on the Bucharest Stock Exchange (BSE), initially scheduled for July, was postponed for the end of August, according to Gabriel Dumitrascu, head of the Privatization Directorate within the Department for Energy. “Technically, Nuclearelectrica listing had to begin, but it didn’t start due to reasons beyond our control. (…) It makes no point starting floatation in August, which is a dead month. We will postpone until the end of August”, Dumitrascu said at an energy conference. Dumitrascu also stated that Oltenia Energy Complex would be ready for listing in the first half of 2014. Government hopes to obtain RON 300-350mln from the public offering for selling 10% in Nuclearelectrica, a tranche representing 85% of these titles following to be allocated to institutional investors, according to an announcement made in June by Minister for Energy Constantin Nita.