Romania to finalize Electroputere privatization
Romania will sign a deal to sell its 63% stake in electrical equipment maker Electroputere in the coming days, the country’s privatization agency AVAS said on Friday.
Romania has opted to sell lossmaking Electroputere to Saudi Arabia’s Al Arrab Contracting Company Limited, after it gave its preliminary approval in June. “AVAS decided to finalize the privatization of Electroputere the final draft of the sale contract was approved and it does not contain state debt exemptions,” the agency said in a statement.
AVAS did not specify the value of the deal. An industrial enterprise dating back to the communist years, Electroputere has debts estimated at €40 million ($56.2 million) and a share capital of 12.4 million lei ($5.12 million). By 07:30 GMT, its shares were down 0.8% on the day at 1.2300 lei. It hit a year high of 2.23 lei per share in July. (economictimes.indiatimes.co)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.