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)