The Cabinet of the Deputy Prime Minister Oana-Clara Gheorghiu sent the Government a report proposing the partial listing on the Bucharest Stock Exchange of 22 companies with state capital, an operation that could generate revenues of 3-8 billion lei already this year, according to the document analyzed by NV. The report, dated March 2026, identifies as a priority three major transactions: a secondary offer of 5-10% of Hidroelectrica shares (estimated at 3.1-6.2 billion lei), a similar offer of 5-7% of Romgaz (2.2-3.1 billion lei) and an initial public offering (IPO) for CEC Bank, which also includes a component of the sale of a state-owned package. «At the stock market capitalizations of March 2026, the first three priority transactions can generate indicative revenues for the state budget in the order of 3-8 billion lei», the document states. However, the report specifies that «these estimates are calculated at current market prices, do not constitute commitments and depend on market conditions at the time of execution». Among the companies targeted for listing are CEC Bank, valued at 5.4 billion lei, Bucharest Airports National Company (5.5 billion lei), Constanta Maritime Port Administration (1.45 billion lei), National Salt Society – Salrom (616.5 million lei), Romanian Lottery (599 million lei), National Printing Company National (672.8 million lei) and Cuprumim – Roşia Poieni Deposit (734 million lei). The document emphasizes, however, that it is «an exploratory analysis based on public data» and that it «does not contain independent market evaluations and does not replace the studies it recommends.» The verdicts are indicative and the evaluations «come from public sources – AMEPIP and BVB – and have not been independently verified». The report highlights a difficult financial situation for some state companies. The 22 analyzed companies generate a quantifiable annual cost of inaction of approximately 4.2 billion lei as cumulative budget debts – CFR Marfă (1.26 billion lei), SNCFR RA (1.78 billion lei), Romgaz (556 million lei) and CFR ILRU (213 million lei) – and aggregate losses of approximately 1.12 billion lei. The document classifies the companies according to the urgency of the action. In the category «Irreversible decisions – must be in 2026» there are companies such as TAROM, about which it is mentioned that «after 31.12.2026, no bank will be possible for at least 10 years», and CFR Marfă, which «files for bankruptcy: 31 May 2026». Companies such as Metrorex and CFR SA are included in the «Structural decisions – unlock cascading effects» category, and in «PNRR files – without irreversible consequences in 2026» entities such as MINVEST, REMIN and CNCIR appear. The report also identifies eight companies in an «orderly exit» from the portfolio: Petrotrans (in bankruptcy proceedings blocked), CFR Marfă (with a bankruptcy deadline of May 31, 2026), CFR ILRU (bankruptcy from March 2025), Electrocentrale Grup and Rofersped, as well as SNCFR RA, «dissolved, blocked by the legislature regarding the bankruptcy of autonomous utilities – requires urgent legislative initiative». The information note sent to the Government on April 15, 2026 states that «the legal basis rests on three pillars»: Memorandum no. 38569 of December 2025 which approved the pilot list of 22 companies, Law no. 48/2025 regarding the state's public property policy, and Milestone 443 of the PNRR, Component 14, which «sets the deadline of August 31, 2026 for the state with a demonstrable reversible course towards the European Commission». The document warns that «the note does not contain its own substantive recommendations compared to the attached documents» and that «its role is to signal to the members of the Government the essential content of the two reports, to highlight the irreversible time constraints and to specify which decisions are requested of the Government». For CEC Bank, the report mentions that the bank «is already an issuer on the BVB through 2 bond issues (582 million euros) – familiar with the status of the issuer» and that «the IPO prospectus is being prepared faster». The verdict is «RECOMMENDED – The most solid IPO candidate in the public portfolio».
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