Tiriac Group, the holding of Romanian billionaire Ion Tiriac, said that it acquired, directly and indirectly, 5% of Hidroelectrica's shares.

The statement was made to Aleph News by Ion Ion Tiriac, the son of businessman Ion Tiriac, one of the wealthiest Romanians.

"Yes, we are probably the group that, for now, holds over 5% of the shares if we consolidate [the stakes controlled] directly and indirectly. It is a long-term investment for us, and I hope it will be just the beginning. [Hidroelectrica] is the pearl of Romania," said Ion Tiriac Junior.

He also stated that this placement is "a passive one" that will result in a dividend yield of 10-12% per year, "calculated in euros," which comes on top of "the natural growth of the asset."

Fondul Proprietatea sold nearly 20% of Hidroelectrica's shares in an IPO this month. The local investment funds were among the major bidders in the IPO.

iulian@romania-insider.com

(Photo source: Inquam Photos/Sabin Cirstoveanu)