Transelectrica shares were oversubscribed by about 6.46 times, as 4.861 investors subscribed for 47.38 million shares valued at 798.08 million RON, according to an announcement issued on Tuesday by utilities Romanian company’s management.
The listing on the Bucharest Stock Exchange (BSE) is planned for August this year, Razvan Purdila, manager of the Capital market with the Transelectrica says.
The public bid by Transelectrica issued for sale about 7.33 million shares at 16.8 RON/share. 70% of the subscribed shares belong to Romanian investors while only 30% to foreign investors. Therefore, Romanian investors subscribed 33.17 million shares. Among the main investors there are Alpha Bank Romania, BRD-Groupe Societe Generale and Raiffeisen Bank, and Proprietatea Fund.
The Romanian-based electricity transporter Transelectrica reported a 35 million euros net profit for 2005, up 46.5% compared to the 24 million euros in 2004. The company is considered to be the first major state-owned company to be privatized.