Electrica builds telecom company

The electric power distributor and supplier Electrica SA announced that it would set up a telecommunications company that would provide Internet services – voice, data and video – designed mainly for the use of the company”s branches. The General Meeting of Shareholders of Electrica decided to set up the company, which will be called Electrica Comunicatii and to authorise the representatives of the General Meeting of Shareholders of Electrica Muntenia Nord to decide on the involvement of the company as a founding member. Electrica, one of the biggest state-owned companies, started a programme of installing a fibre optic network since the end of the last decade, before other companies in the electric power sector did. Company officials did not wish to make any comment on the subject. The fibre optic infrastructure was developed in several Electrica branches, given that four out of the eight electric power distributors are now under the control of private strategic investors. The share capital subscribed and transferred in kind is made up of the telecommunications assets, which are worth 7.8 million RON (2.2 million euros), i.e. 788,729 shares with a par value of 10 RON. ZF