Romania is to select a new broker for the stock market listing of the country’s largest energy producer Hidroelectrica in early-2014, according to Gabriel Dumitrascu, head of the privatization division within the Energy Department.

“We will restart the selection of the broker for Hiroelectrica’s listing after a new government decision on the privatization strategy will be approved. The draft decision is currently published for discussion and I expect it to be approved by mid-December,” said Dumitrascu.

“I expect the privatization consortium to be selected by mid-January. The deadline for listing Hidroelectrica is June 2014,” he added.

The Romanian state might sell 10 percent or 15 percent of the energy producer.

In April 2012, the consortium made of BRD - Citigroup - SocGen - Intercapital Invest was selected to assist Hidroelectrica’s market listing, but no brokerage contract was signed.

Hidroelectrica was under insolvency for a year, between June 2012 and June 2013.

The company recorded a profit of around EUR 109 million (RON 481 million) in the first half of 2013, compared to a loss of RON 202 million reported in the same period in 2012.

Irina Popescu, irina.popescu@romania-insider.com