Page 20 - bne monthly magazine October 2022

20 I Companies & Markets bne October 2022
Fondul Proprietatea selects investment banks for Hidroelectrica IPO
Iulian Ernst in Bucharest
Franklin Templeton, as the fund manager and sole director of Fondul Proprietatea (FP), announced
that the fund and Romanian hydropower company Hidroelectrica have selected a consortium of investment banks, a key milestone for the planned IPO of Hidroelectrica.
After years of delays, the IPO of Hidroelectrica, the largest producer of electricity in Romania, is expected to take place by the end of June 2023, the Romanian government – its majority shareholder – announced in July.
FP did not name the investment banks selected. However, according to Ziarul Financiar citing sources familiar with the deal, they are Citi, Morgan Stanley, Erste and Jefferies (global managers), Bank of America, Barclays, UBS, UniCredit and Wood (joint managers) and respectively Banca Transilvania- BCTP and Swiss Capital (co-lead managers).
The role of the selected investment banks in the IPO process is to recommend the optimal structure of the transaction, promote the equity story of Hidroelectrica among local and
international investors, place securities in the IPO, as well as assist with the listing process.
“We firmly believe that the IPO and the subsequent listing of Hidroelectrica will bring significant benefits to the Romanian capital markets and Romania as a whole, as it has great potential to attract significant domestic and foreign investors for the Romanian leading electricity production company,” stated Ilinca von Derenthall, chairperson of the board of nominees.
Fondul Proprietatea, which owns almost 20% of Hidroelectrica hopes to succeed in convincing the government to approve the listing of the company on an external stock exchange, not only on the Bucharest Stock Exchange (BVB), Daniel Naftali, senior vice-president of
fund administrator Franklin Templeton Bucharest, deputy portfolio Manager of Fondului Proprietatea and member of CS Hidroelectrica, said recently in an interview with Profit.ro.
According to him, most likely, the listing of the hydropower producer will take place in February next year.
Moldova’s largest bank MAIB seeks listing in Bucharest
bne IntelliNews
Talks are being carried out with the authorities in Moldova for Moldova Agroindbank (MAIB) — the largest bank in the country by assets — to have its shares listed on the Bucharest Stock Exchange (BVB), announced Nicu Marcu, president of the Romanian financial supervisory authority (ASF).
MAIB, the largest credit institution in the Republic
of Moldova, with a market share of 32% and assets of approximately MDL39bn (€2bn), is preparing a listing on the Bucharest Stock Exchange, in an offer scheduled for 2023 through which the bank will access the financing necessary for development.
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"[S]teps are being taken to list the largest bank in the Republic of Moldova. They are aspects that make us confident. For quite some time, ASF has started the steps together with
the National Bank of Moldova, with the Moldovan Capital Market Supervisory Authority, to harmonise the legislation
so that MAIB can be listed in Bucharest as soon as possible," said Marcu at the Moldova Romania Capital Bridges Forum organised by the BVB and MAIB on September 13.
Among the owners of MAIB are the European Bank for Reconstruction and Development (EBRD), Horizon Capital, as well as 3,000 other shareholders, both institutional and small investors.