According to the response sent by the Energy Participation Administration Society, the retention of the Romanian state’s stake in the two companies of the Enel group was accepted at the government level because it would provide “economic and financial advantages and corporate governance”. (SAPE), at the request of HotNews.ro. Simply put, the Romanian state gave up the right to sell its shares with the Italians to the Greeks from the Public Power Corporation (PPC) for possible dividends and management positions. In addition, SAPE has a mandate to acquire shares of energy companies listed on the stock exchange.

It will be recalled that the Italians from Enel are in the process of selling PPC shares belonging to Romania for a total amount of approximately 1.26 billion euros.

The state company SAPE, as a minority shareholder of the companies owned by Enel and which were planned to be bought by the Greeks, refused the so-called right to tag along, that is, the right to sell its shares together with the Italians.

The decision was made by the Romanian state through the Ministry of Energy during the general meeting of SAPE shareholders on April 13.

SAPE has a mandate to acquire shares of energy companies listed on the stock exchange

Relinquishing the right to participate and maintaining the participation of the Romanian state in companies of the Enel group under the administration of SAPE gives advantages of an economic and financial nature and corporate governance, SAPE claims in its response to HotNews.ro.

The right to join has been granted to only two of the five companies of the Enel group, which are active in the field of distribution and supply of electricity.

SAPE owns 10% of the share capital of each of the two companies, respectively E-Distribuție Muntenia and Enel Energie Muntenia, so it is entitled to exercise the legal rights provided by Law 31/1990 for substantial shareholders, SAPE also stated.

According to him, preconditions can be created for the payment of dividends in connection with the improvement of the financial condition of supplier companies with the restoration of cash flow.

Owning shares in all Enel group companies engaged in distribution and supply provides a high degree of analysis and predictability in the energy sector, SAPE also notes.

“The Romanian state’s interest in owning some minority stakes in companies in the energy sector remains, SAPE has a mandate to acquire shares in companies in the energy sector registered on the stock exchange,” SAPE also said.

Stage of sale of Enel assets to the Greeks

The deal for the acquisition of Enel’s assets in Romania should be completed in the third quarter of this year.

In June, the European Commission approved the takeover of the Romanian operations of the Italian group Enel by the Public Power Corporation SA group from Greece.

Upon completion of the acquisition, PPC Group will strengthen its position in the region and become the largest player in the energy market of Southeast Europe. Specifically, it will exceed 11 GW of installed capacity and serve 8.9 million customers in multiple markets, approximately 41 TWh of electricity supplied, 78 TWh of distributed and over 27 TWh of generation, while the Regulated Asset base Base) will reach 4.15 billion euros.