♦ The sale of such packages would improve liquidity at the Bucharest Stock Exchange, which will attract the promotion to a higher league of the capital market in Romania and therefore greater interest in Romanian shares ♦ Buyers for the above packages would be mostly investors from Romania: retail, pension funds, mutual funds ♦ To remind us how much money is in the market: at the listing of Hidroelectrica in 2023, retail investors placed orders for the acquisition of 6 billion shares. lei, with a degree of oversubscription of almost 500%.
Instead of taxing investments by introducing a tax on special constructions, such as the «pole tax», the Romanian state has the opportunity to adopt a smarter strategy: secondary sales and listings of majority-owned companies. This approach not only protects national interests, but also reduces the pressure of the budget deficit, avoids austerity measures that slow down the economy and places Romania on the map of global capital markets, strengthening the economy and supporting long-term development. Reduction of the state's holdings in major majority-owned companies by only 5% – Hidroelectrica (from 80% to 75%), Nuclearelectrica (from 82.5% to 77.5%), Romgaz (from 70% to 65%), Transelectrica (from 58.7% to 54%), Transgaz (from 58.5% to 54%) – would quickly generate approximately 4.8 billion lei in 2025, taking into account current trading prices. Such sales can be made within weeks through private placements. This amount represents 0.25% of the estimated GDP of 1,912 billion lei for 2025 and would be important for the stabilization of public finances. Such a strategy offers a balance between keeping control of over 50% of the company and attracting private capital.
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