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Romania's Electromagnetica to sell hydropower assets

Jul 9, 2024, 1:40:54 PMArticle by Alexandru Cristea
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July 9 (SeeNews) - Romanian electric and electronic equipment manufacturer Electromagnetica [BSE:ELMA] said it will auction off eleven small hydropower plants located in the hydrographic basin of the Suceava river, with a minimum starting price of 29 million lei ($6.31 million/5.83 million euro).

Romania's Electromagnetica to sell hydropower assets
Electromagnetica, Romania (Author: Electromagnetica) License: all rights reserved.

The open bid auction is scheduled for August 7, Electromagnetica said in a filing to the Bucharest Stock Exchange, BVB, on Monday.

The sale will include the land, buildings, and equipment associated with the assets, according to the statement. The company noted that it plans to sell the hydropower plants as a single package.

In the first quarter of 2024, Electromagnetica turned to a net loss of 3.14 million lei from a net profit of 3.93 million lei in the prior-year period, according to a quarterly financial report filed with the BVB in May.

Founded in 1930, Electromagnetica is a manufacturer and supplier of distribution and electricity metering equipment, LED lighting solutions, electric and electronic parts, metal and plastic injection parts, tools and molds, automotive parts, and safety systems for rail traffic. Its products are also targeted towards green energy production and technologies aimed at increasing energy efficiency.

Electromagnetica's shares traded 1.29% higher at 0.235 lei as at 1114 CET on July 9 on the Bucharest bourse.

(1 euro = 4.9735 lei)

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