For the coming year, Transelectrica projects turnover standing at 1.6bn RON (452m euros), 23% higher than the level reached this year. The company will be floated on the Bucharest Stock Exchange in May.
The Romanian Power Grid company also forecasts net income will grow by 14%, to 56.6 million RON (15.7 million euros), in the context in which floatation on the Stock Exchange has been postponed until May.
"Considering the specific character of Transelectrica''s activities, both in terms of their technological process and geographical reach, the process related to the drawing up of documents for the public offering lengthened the duration of some stages," stated Stelian Gal, the new general manager of Transelectrica.
Stelian Gal, 58, succeeding the former general manager of the company, Ion Merfu, worked with the national power grid company as a deputy general manager during the period 2000-2002. After the position was eliminated, he acted as the general manager of the Sibiu unit until December 2005. Ion Merfu is now a manager with the Sibiu unit.
The listing of 10% of the company''s share capital, namely 7.3 million shares with a face value of 10 RON each, had been scheduled for this autumn.
"The Preliminary Offering Prospectus is being drawn up, and will be finalised in January 2006. The public offering is due to unfold in April 2006, and floatation is due in May 2006," added Gal. The prospectus is being drawn up by the consultancy consortium consisting of Alpha Finance, Raiffeisen Capital Investments and BRD Securities. Last year the company announced the signing of a contract worth 9.2m euros with the Japanese firm Fujikura Ltd. for the delivery and installation of optical fibre cable insulators. The finalisation of the contract was to ease the company''s entrance on the Romanian telecommunications market.
