Swiss Capital – BRD – the only consortium submitting a bid for the floatation of EC Oltenia

The consortium consisting of Swiss Capital and BRD has submitted the only bid for brokering the floatation and sale of a 12% stake in “Complexul Energetic Oltenia” on the Bucharest Stock Exchange. The deadline for submitting bids by brokers interested was yesterday, at 12:00 o’clock. Some large brokerage companies and banks have discussed and even established several consortia to participate in the intermediation of Oltenia energy company listing, but after several analyzes they decided to no longer participate, sources in the capital market quoted by Mediafax claim. The tender book was worth EUR 8000 plus VAT and the bidders had to submit a guarantee of participation of EUR 30,000. Bid validity is four months from the opening date, respectively on Monday, April 15^th, at 13:00 o’clock. CE Oltenia privatization by listing on the stock exchange involves increasing the company’s share capital by 15.29% by issuing new shares. From this stake, 12% of the shares will be sold on the capital market, by public offering, and the difference of 3.29% can be subscribed by the Property Fund (BSE: FP) based on its preference right, allowing FP to maintain its current stake. Currently, CE Oltenia has a share capital of RON 1.27bn. The state owns, through the Ministry of Economy, 77.17% of the shares, and the Property Fund owns a 21.53% stake. The company was established by the merger of energy companies Craiova, Rovinari and Turceni and of the National Lignite Company Oltenia. EC Oltenia was registered with the Trade Register on May 21^st 2012.