BUCHAREST, April 25 (Reuters) - Romania’s investment fund Fondul Proprietatea said on Tuesday that interim board appointments at state energy producer Hidroelectrica could trigger a postponement of this year’s initial public share offering plans.
“With Hidroelectrica, we hoped that at the meeting that took place last week there’d be an appointment of board members for four years. Instead, we got ... interim appointments. This ... postpones IPO plans for this year,” manager Grzegorz Konieczny said.
“We’d need a miracle to really think about an IPO this year,” he said adding that another large-sized IPO would help get Romania’s stock exchange short-listed for an upgrade to emerging status from frontier.
Investment fund Fondul Proprietatea was created by the state to compensate those who lost property under the former communist regime. (Reporting by Luiza Ilie, writing by Radu Marinas)