Romania’s transmission system operator Transelectrica has more than doubled its market capitalisation from its initial listing on the Bucharest Stock Exchange (BVB) on Tuesday (29th August).
From its initial listing value of RON 16.8 (EUR 4.78) on Tuesday (29th August), it closed Thursday (31st August) at RON 23.6 (EUR 6.69). This has had a significant impact on the value of the government stake in the company, which now stands at 90%.
According to reports from Romanian newswire Rompres of the press conference held on Tuesday (29th August) at the Bucharest Stock Exchange (BVB), Ioan Codrut Seres, the Romanian minister of economy and commerce, stated that the funds raised would be used to fund the interconnection of Romania’s grid with Bulgaria, Serbia and a submarine cable to Turkey, with a view to lowering national power prices.
The government also confirmed that it would list stakes of 5-10% of Transgaz, Distrigaz Sud and Distrigaz Nord. It has yet to reach a decision on the Nuclearelectrica package to be listed. 31 August 2006 | EDEM 10168