Saudi Al Arrab Signs EUR120M Deal For Romania’s Electroputere

By contract, the sum includes EUR2.3 million to be paid for the majority stake, EUR37 million working capital, EUR23 million investments and up to EUR64 million debts.

AVAS selected Al Arrab’s offer for the plant’s sale in June. In May, AVAS shortlisted two Romanian companies A5 Invest Caransebes and Grup Feroviar Roman and Al Arrab Contracting Company from five companies interested in buying a 62.82% stake in the loss-making Electroputere.

In 2006, the company reported losses of 50.1 million lei ($20.4 million) compared with RON35.5 million losses posted a year earlier.