State planning to sell minority stakes in 81 companies this year

The National State Assets Management Authority (AAAS) plans to put up for sale this year minority stakes in 81 companies and counts on revenues worth RON 240-250 million, given that the first four companies that were successfully sold funneled approximately RON 400,000 to the budget. (1 euro trades for RON 4.33)

0514193419929665942According to AAAS deputy president Stan Popa, 31 companies with state-owned minority interests were put up for sale so far, of which five were sold. Popa added that the first four companies collected some RON 400,000 and that the next companies will be also weighed up for estimates. The 81 companies up for sale have around three billion lei worth of equity.

In turn, AAAS president Adrian Constantin Volintiru said the 81 companies were already advertised and investors are expected to turn up.

“The stakes differ greatly and are very diffuse. Besides, there is another problem. Where you hold minority interests, despite the preemption right of the majority shareholder, he can opt for buying or not. For instance, we have a participation of 0.76% in TMUCB. According to our assessments this is worth somewhere around 100,000 euros, a quite substantial amount. There are other companies whose indicators do not look just as well and this is why assessing the big picture is difficult,” Volintiru explained why one cannot estimate what the sale of minority stakes could really bring in.

Volintiru added that steps to sell minority stakes are clearly stated in the Authority’s strategy for 2013.

AAAS holds shares in 641 companies, 321 of which are privatisable and another 320 companies are in bankruptcy or liquidation procedure, and therefore not eligible for privatization. AAAS is a majority shareholder in 11 of the non-privatisable companies.AGERPRES

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