Transelectrica to invest EUR 250 mln in expanding electricity network in Romania
Romania's electricity network operator Transelectrica, whose shares are under a secondary public offering at the Bucharest Stock exchange starting today (March 14), will invest EUR 250 million in expanding its grid and modernizing its existing electrical stations until 2014. Some EUR 57 million will be invested this year alone.
Transelectrica's investments in its network reached EUR 343 million between 2008 and 2011. The company, listed on the Bucharest Stock Exchange since 2006, is 73.6 percent owned by Romania's Economy Ministry, while Fondul Proprietatea owns a 13.5 percent share package.
Investors will be able to buy up to 15 percent of electricity network operator Transelectrica on the Bucharest Stock Exchange during the Secondary Public Offering at a minimum price of RON 14.9 per share ( or some EUR 3.4 ), which is below the closing price on the BSE yesterday ( March 13 ). The maximum price per share was set at RON 19.2 per share, approved by the Government yesterday ( March 13 ). Within this offer, the state could cash in between EUR 37.5 million and EUR 48.3 million.
