Romanian Hidroelectrica's IPO on hold pending legal changes

A planned initial public offering of a minority stake in Hidroelectrica, Romania's largest power producer was currently on hold pending legislative changes, chief executive Bogdan Badea said on Tuesday.

BUCHAREST, July 21 (Reuters) - A planned initial public offering of a minority stake in Hidroelectrica, Romania's largest power producer was currently on hold pending legislative changes, chief executive Bogdan Badea said on Tuesday.

Earlier this month, the Constitutional Court upheld a bill passed by parliament which postpones any plans to list or privatise state firms by two years, a move analysts said would stunt capital markets and isolate the economy.

President Klaus Iohannis has yet to sign the bill into law. Before a postponement due to the coronavirus outbreak, Hidroelectrica had aimed to list up to 20% of its shares.

(Reporting by Luiza Ilie)

((luiza.ilie@thomsonreuters.com; +4021 527 0312; https://www.reuters.com/journalists/luiza-ilie))

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