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Greg Konieczny, FP: We really need a miracle to think about Hidroelectrica's IPO this year

There are some good news and some bad news about Hidroelectrica lately, according to Greg Konieczny, director of Fondul Proprietatea, who said in a press meeting that 'we really need a miracle to think about Hidroelectrica's IPO this year'.

2017-04-25 15:45:26

"The bad news is about the corporate governance of the company," mentioned Konieczny. "We hoped that at the meeting that took place last week there would be an appointment of new board members for the four-year mandate based on the selection that was done by the previous government. Instead, we received six new members on interim bases for four months and I have read the comments on the quality of those people. That is definitely a setback in terms of quality of the governance of the company and this decision clearly delays any prospects for the IPO of Hidroelectrica this year."
According to FP's director, ‘you cannot IPO the company with an interim board.'
"Hopefully, in three or four months there will be appointed a new board for a longer period and after that it takes three to six months for a new executive management hopefully before the end of the year," said Konieczny. "The good news is the company has won all the litigations brought by so-called ‘smart guys' related to the insolvency process. The company is also delivering very strong financial performance right now."



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