Planned IPO of Romania's Hidroelectrica unlikely in 2020: shareholder

BUCHAREST (Reuters) – An initial public offering of Romanian state-owned hydro power producer Hidroelectrica is unlikely to happen this year as previously announced, the manager of investment fund Fondul Proprietatea said on Tuesday.

The $2.2 billion fund, which holds a 20% stake in Hidroelectrica, amounting to almost half of its net asset value, said a listing of a minority stake was most likely next year.

“We have always been communicating our view that we don’t believe it’ll happen this year,” Fondul Manager Johan Meyer said. “From where we are evaluating the situation right now there is no reason to anticipate a major delay to third or second quarter of next year for a potential IPO.”

Prior to the new coronavirus outbreak, the government has said it aims to sell up to 20% of Hidroelectrica on the Bucharest bourse in the second half of 2020.

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