Hydro-based electricity producer “Hidroelektrane na Trebisnjici” (HET), a subsidiary of state-owned power utility ERS, said that it has completed the increase of its capital by 143 million euros through a new share issue.
The statement from the company said that it has issued 280 million ordinary shares of 0.51 euros in par value each. The parent company ERS sub- scribed for 64.9 % of HET’s share issue, equal to its previous shareholding interest in the company. ERS invested 83.7 million marka in HET’s capital increase, based on the share price of 0.23 euros per share, which HET offered to its existing shareholders in the capital hike.
HET received a shareholders’ nod for the capital increase plan in March after failing to obtain an approval for an even bigger capital increase. The initially proposed capital hike of 223 million euros would have more than doubled its existing equity capital. The plan drew nationwide attention due to speculation for potential loss of state control over the electricity producer, with local power utility EPBiH and Serbian EPS as potential buyers.
HET recorded a net profit in the amount of 2.5 mil- lion euros in the first half of 2021. HET operates HPPs Trebinje 1 and 2, pump-storage HPP Capljijna and shares production of HPP Dubrovnik with Croatian HEP.
Prior to capital increase, ERS owned 65 % of HET’s shares, RS Pension Fund owned 10 % and the remaining 25 % was held by small shareholders.
