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04.04.2011 09:01
The State Grid Corporation of China, or SGCC, is interested in buying the 15% stake in Transelectrica that Romania plans to sell. This was told to Romanian news agency Mediafax by people close to the matter. Transelectrica is Romania’s state-owned grid operator.
“The Chinese company presented the Economy Ministry with an offer, including a financial one, to buy the entire 15% in Transelectrica that the ministry plans to sell,” the sources said, cited by Mediafax. Economy Ministry officials said to the news agency that the Transelectrica stake sale would “use stock market methods, namely a public offer.”
The SGCC ranked eighth last year among Forbes Top 500 companies of the world, with a revenue of $184.5 billion in 2009. The company has over 1.5 million employees. The SGCC was founded in 2002 and it is mainly active in the construction and operation of power grids in China.
Romania’s Economy Ministry, which holds a 73.6% in Transelectrica, plans to sell 15% of the company shares on the Bucharest stock exchange. Company management also proposed a share capital hike equivalent to 12% of stock, which would unfold in parallel with the listing operation. Another Transelectrica shareholder is the state-owned investment fund Fondul Proprietatea with 13.5%.
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