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Government willingness to move Hidroelectrica IPO forward as quickly as possible, says Greg Konieczny (FP)

Romanian Government is willing to move the Hidroelectrica IPO process forward as quickly as possible, according to Greg Konieczny, portfolio manager of Fondul Proprietatea and executive vice president within Templeton Emerging Markets Group, who had a meeting with Prime Minister Sorin Grindeanu.

2017-03-01 10:47:35

"With Hidroelectrica, as the largest holding, accounting to 40 per cent of FP's NAV, we are still in the situation to have an interim board and an interim management," said Konieczny. "That's really a risky situation for the company of this size and of this strategic importance for the Romanian electricity market. There is a long list and a short list of candidates and a number of very strong candidates on this list so we hope to have a decision from the Government to finally appoint a new board for the next four years within a month or so. This board would then select the Hidroelectrica executive management and together would drive the company to the future and successfully execute the IPO process."

According to him, there has been very little progress over the last few months in relation to this IPO process and a lot of decisions have been stalled within different committees and different levels of the Government.

"I have mentioned the selection of the board, but there is also the issue of the non-core investments in the company's assets that should be transferred out of the company before the IPO is launched," stated Konieczny. "So, unless there is a really clear decision from the very top level of the government to strongly commit to the Hidroelectrica IPO it's becoming increasingly unlikely that we'll have this IPO before the end of the year. But this morning we had a meeting with the Prime Minister who assured us there is a willingness from the Government to really move this process forward as quickly as possible."



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