Finance specialist Ștefan Alexandru Frangulea is the Euro Insol picked manager that will coordinate the process to list a 15 percent share package of Hidroelectrica on the Bucharest Stock Exchange. He will hold this position starting April 28, and will also be in charge with selling the 123 micro hydro power plants in the company’s portfolio, according to Hidroelectrica.
Frangulea will manage the relationship with shareholders and investors and will implement the privatization strategy via listing on the Bucharest Stock Exchange and on the London Stock Exchange.
Frangulea graduated the Academy of Economic Studies ASE in 2000, and his latest position was of sales management division director with BCR Pension Fund, starting June 2013.
He previously worked with Garanti Group, with General Electric, as well as with HVB Bank, Raiffeisen Bank and Citi Bank.
Razvan Nicolescu, delegate minister for Energy, said Thursday that he hopes the energy producer will leave the insolvency procedure by the end of the year.
“I’m concerned that it’s been two months since Hidroelectrica went insolvent again but I have yet to see the court’s motivation (…) I hope the procedure will be lifted by the end of the year but that depends on the court’s decisions’, says Nicolescu.
Hidroelectrica’s listing could happen in 2015, according to FP
Grzegorz Konieczny believes Hidroelectrica’s listing will more than likely happen next year, after the energy producer will exit insolvency.
“At Hidroelectrica, the best case scenario is that insolvency will end by the end of the year. Listing will probably happen in 2015, based on what we see today. A bad news for listing, but mister Borza is there again and he will continue restructuring and naming new private, professional managers which is a benefit for the company’, according to Konieczny, who made these remarks at the Fondul Proprietatea General Shareholder Meeting.