Romania Plans To Sell At Most 20% In Airline Tarom

Romania’s Government plans to sell 20% in national airline Tarom either on the stock exchange or to a strategic investor by the end of 2011, according to the draft letter of intent agreed with the International Monetary Fund.

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Initially, the agreement with the IMF included a partial sale of Bucharest and Timisoara airports and the complete privatization of Tarom.

Romanian authorities will select an investment bank for the Tarom IPO by end-September, and conclude the partial privatization by end-December.

Also, the government pledged to hire a private management team for Tarom by end-November.

Similar action is planned for cargo railway company CFR Marfa.

Joint teams from the IMF, the EU and the World Bank ended Monday the first review of a EUR5 billion precautionary loan agreement, successor to a larger EUR20 billion bailout package that ended in April this year.

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