Hydro-based electricity producer “Hidroelektrane na Trebisnjici” (HET) said that it will propose to its shareholders the new recapitalization plan, which envisages the capital increase of some 143 million euros. Initial recapitalization proposal was rejected by shareholders in January.
The company now proposes to issue 280 million ordinary shares at the nominal price of 0.52 euros per share. Existing shareholders can purchase the shares at a price of 0.23 euros per share. Any remaining shares will be offered to new investors at a price that will be set on the stock exchange, according to the principle of multiple prices.
The shareholders should vote on this proposal at the next meeting scheduled for 26 February.
In mid-January, HET announced that it plans to recapitalize by issuing shares worth as much as 223 million euros, which is some 25 million euros more than the current total value of the company’s share capital. The sole purpose of the capital increase is to raise funds for the project for the construction of hydropower plant Dabar.
According to unconfirmed information, Serbia, through its power utility EPS, is interested in buying shares in HEP, while power utility EPBIH also expressed interest in investing in HET. However, Director of HET Gordan Miselic said that the Government of the Republic of Srpska (RS) will invest in the planned capital increase of the company in order to maintain the controlling stake in it.
HET recorded a net profit in the amount of 2.5 million 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.
Currently, ERS owns 65 % of HET’s shares, RS Pension Fund owns 10 % and the remaining 25 % is held by small shareholders.
