Romania’s Social Democratic Party (PSD), the biggest party by number of seats in the Parliament, plans to block the sale of stakes in state-owned companies for two years.

The Senate has already passed a bill promoted by PSD with this purpose, Hotnews.ro reported. The Chamber of Deputies has the final vote on this draft law.

If it passed the Chamber, the bill could block the initial public offering (IPO) of the biggest electricity producer in Romania – Hidroelectrica, which is also the most valuable state-owned company. Hidroelectrica has made significant steps in preparing its listing and has recently hired a legal advisor and an equity advisor to guide it through the process.

PSD leader Marcel Ciolacu, who is also the speaker of the Chamber of Deputies, accused the ruling Liberal Party (PNL) of planning to sell Romania’s last “pearls”.

“PSD will never allow the last pearls of the Romanian economy - CEC, Hidroelectrica or Nuclearelectrica - to be sold to foreigners,” Ciolacu wrote on Facebook.

editor@romania-insider.com

(Photo source: Facebook/Marcel Ciolacu)