Daniel Naftali gave up his mandate as a member of the Supervisory Board of Hidroelectrica

Daniel Naftali, deputy portfolio manager at Franklin Templeton, the administrator of Fondul Proprietatea (FP), has given up his mandate as a member of the Supervisory Board of Hidroelectrica (H2O), according to an announcement yesterday of the electricity producer and supplier published on the website of the Bucharest Stock Exchange (BVB).

Daniel Naftali was elected to the Hidroelectrica Board in February this year, when Fondul Proprietatea owned almost 20% of the energy company. Meanwhile, FP sold Hidro shares, after the largest public offering in the history of our stock exchange. Instead of the FP representative, a representative of the new shareholders will be elected, including the Pilon II pension funds, which collectively own about 10% of Hidroelectrica.

The termination of Naftali's mandate will take effect within 30 days from the date of notification, the BVB announcement also states.

Currently, the Supervisory Board of Hidroelectrica is composed of the president Petre Iulian Nicolescu, with a provisional mandate of four months and the members: Cristian Nicolae Stoina (provisional mandate of four months), Mihai Liviu Mihalache, Carmen Radu, Silviu Răzvan Avram and George Marius Toniuc, all with four-year mandates. Hidroelectrica was listed on our stock exchange on July 12, following an offer that ended at a price of 104 lei per share. Yesterday, at 15:00, H2O shares were trading at 116.8 lei per unit.

In the first half of the year, Hidroelectrica obtained revenues of almost seven billion lei, up by 42% compared to those from January - July 2022, while the net profit amounted to 3.95 billion lei, by 46% over that of the first six months of last year. The state, through the Ministry of Energy, owns 80% of the company whose stock market valuation amounts to approximately 52.5 billion lei, the largest issuer in our country from BVB.