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Romanian Econ Min Replaces Transelectrica Board Member

Romanian economy minister Adriean Videanu appointed Monday Florin Marza as member of Romania’s state-owned power grid operator Transelectrica (TEL.RO) board, replacing Carmen Boagiu, named Monday as well, during the company's shareholders meeting.
Romanian Econ Min Replaces Transelectrica Board Member
31 mart. 2009, 12:33, English

Transelectrica’s shareholders approved Monday the company’s board structure, replacing all administrators except for Alexandru Sandulescu.

The other members are Ionut Costea, Gheoghe Seculici, Cristian Ene-Corbeanu, and Elena Ianda, according to a statement of the company.

Ionut Costea has been recently appointed president at state-owned lender Eximbank. Also, Costea was proposed for a position in oil company Petrom’s Supervisory Board.

The Economy Ministry announced Tuesday Videanu decided to replace Boagiu with Marza, but the press statement gave no explanation for the decision.

Transelectrica’s stockholders also approved the budget for 2009. Thus, the company forecasts a 22.6% higher pre-tax profit in 2009, at 70 million lei (EUR1=RON4.2392), compared with RON57 million in 2008.

Transelectrica is majority owned by Romania’s Finance Ministry, with a 73.69% stake, followed by investment fund Fondul Proprietatea, with a 13.5% stake.

On Monday, Transelectrica shares on the Bucharest Stock Exchange closed down 2.53%, at RON9.65.