Transelectrica sells 7.3m shares

The value of Transelectrica”s share offering, which will most likely take place in June, could reach 40 million euros, a sum that accounts for 10% of the company”s capital. Transelectrica closed 2004 with total revenues worth 261 million euros and a net profit worth 21.3 million euros, whereas total revenues posted by the company in the first six months of last year stood at 167 million euros and the net profit stood at 31.4 million euros. The three members of the brokerage syndicate which will handle the offer, presented the company to investors who may be interested and gauged their interest and reaction. The exact value of the stake to be sold must be approved by the company”s General Meeting of Shareholders. The offer is brokered by a syndicate led by Alpha Finance as main manager and by Raiffeisen Capital & Investment and BRD Securities as managers. On the basis of the investors” intentions to buy, especially if they are foreign investment funds, the syndicate which is to broker the deal will propose a price for the offer to the Ministry of Economy and Commerce, the company”s main shareholder. ZF