Stefan Frangulea, formerly director within BCR, to coordinate Hidroelectrica’s IPO

Stefan Frangulea, formerly Director of the Sales Management Division within BCR Pensions, has been appointed as Manager of Hidroelectrica’s Strategy and International Cooperation Department, from the new position being in charge with coordinating the privatization strategy and selling the small hydropower plants from the company’s portfolio.

”(...) Frangulea will coordinate the sale of the 123 small hydropower plants from the company’s portfolio, will manage the relations with shareholders and investors and will implement Hidroelectrica’s privatization strategy by selling a 15 percent stake in the company on the London and Bucharest stock exchanges”, states a press release.

He graduated in 2000 the Faculty of Finances, Insuarances, Banks and Stock Exchanges within the Academy of Economic Studies in Bucharest and has an extensive background in economics, both in terms of education and professionally.

Between 2000 and 2002, Fragulea worked within Citibank Romania, followed by another two-year experience within Raiffeisen Bank. In 2004 he left for HVB Tiriac Bank where lead the Public Sector Department within the Structural Financing and Large Clients Division. Starting 2007 until 2008, Fragulea took the Vice-President position at General Electric’s International Romanian Branch. Then, he was in charge with coordinating the treasury of Garanti Group Romania where had been working for three years. From 2011 to 2013 he was the Head of the Public Sector Department within BCR’s Corporate Network, subsequently being assigned the leadership of the Sales Management Division within BCR Pensions.

”Hidroelectrica’s IPO is a priority undertaken by the Romanian Government, the shareholders and creditors of the company. And this will happen as soon as the company exits insolvency. The listing on the Bucharest Stock Exchange and possibly on the London-based one will generate a capital infusion of 300-500 million euro, money that will be allocated to the refurbishment of high hydropower plants and to carrying out investments in new electric power production capacities”, Remus Borza, the judiciary administrator of Hidroelectrica, said.

Back to insolvency this year in February, Hidorelectrica has seen several changes in its management recently, last month Borza announcing that about 80 percent of the company’s management will be changed within the coming two months.