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Romania Govt Receives Interest In Oltchim – State Secretary

Two investment funds, including a U.S.-based one, are interested in buying stakes of Romania chemical company Oltchim Ramnicu-Valcea (OLT.RO), should it be privatized, Monday said Karoly Borbely, state secretary within the local Economy Ministry.
Romania Govt Receives Interest In Oltchim - State Secretary
Andrei CîrchelanBogdan Neagu
25 oct. 2010, 13:40, English

„The state wants to privatize Oltchim by selling the majority stake. There already are two investment funds interested in buying stock,” Borbely told a news conference held by the Azeri Embassy in Bucharest.

Talks held last week between local authorities and the International Monetary Fund included the launch of Oltchim and Cuprumin privatization processes, along other proposals to sell stakes in state-owned energy companies.

According to Borbely, Oltchim’s sale was a topic launched by the IMF.

Oltchim has a share capital of 34.3 million lei (EUR1=RON4.2727), with a face value RON0.1. The Romanian Economy Ministry owns 54.79% in the company, while the German PCC group holds a 12.16% stake.

On the Bucharest Stock Exchange in mid-trade Monday, Oltchim shares were up 2.8% to RON0.219, outperforming the general index BET-C that was gaining 0.1%