Under IMF pressure, the Economy Ministry is making furtherpromises and says it is going to float stakes of 15% inHidroelectrica and Nuclearelectrica each next year. However, theexperience of the past two years shows that it takes years beforepromises materialize in effective listings.
The state's stock sales would amount to almost EUR1.9 billion,taking into account current valuations, from the Bourse and analystreports. On top of this might come the sale by Russia's Vimetco of21% in Alro Slatina (ALR.RO), the first stock sale by a foreigninvestor on the Bucharest Bourse. The sale would drive the totalshare offering to over EUR2 billion.
However, despite the repeated statements from the EconomyMinistry representatives and the IMF pressure, looking back thereare few reasons for optimism.
Since 2005, the state has listed just two companies on theBourse: Transgaz and Transelectrica, in the wake of initial publicofferings totally worth around EUR105 million.
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