Romanian energy holding Oltenia eyes 400 mln euro from IPO - media

The company will use the money to finance investment projects worth 1.2 billion euro, financial daily Ziarul financiar quoted Constantin Balasoiu, director at one of the power generation complexes part of the holding, as saying.

"The 400 million euro figure was calculated as the difference between our own sources and the funds needed for investments," Balasoiu said.

Romania's economy ministry said earlier this year it planned to list a stake of 15% in Oltenia on the Bucharest bourse in order to capitalise the holding and to support its investment programme.

Complexul Energetic Oltenia produces about 18 terawatt-hours (TWh) per year and accounts for more than 30% of Romania's energy market, Ziarul Financiar said.

Its 2012 turnover is expected at some 900 million euro, the daily added.

The Oltenia holding, set up earlier this year, includes state-run mining company SNLO and the Craiova, Turceni and Rovinari thermal power generation complexes.

Romania's economy ministry holds a 77.17% stake in the holding and the country’s property restitution fund Proprietatea owns 21.54%. Thermal power utility Termoelectrica and Societatea Comerciala pentru Inchiderea-Conservarea Minelor own stakes of 0.85% and 0.44%, respectively.

($ = 0.7841 euro)