The floatation of the shares held by the Romanian state inRomtelecom, a business that could bring EUR1 billion to theBucharest Stock Exchange (BVB) is blocked by the provisions of theprivatization contract, whereby Greek group OTE became the majorityshareholder of the biggest landline telephone operator in 2003,says Marius Fecioru, secretary of state in the CommunicationsMinistry (MCSI).
"It only counts what the government does, not what it says. Thestate shows it has no interest to float its shares," says DumitruBeze, president of the Association of Capital Market Investors."There is a 2005 law according to which the state has to float allits Fondul Proprietatea (Property Fund - FP.RO) interests, but itis doing everything it can to delay procedures in order to shieldthe political clique that has contracts with these companies. Ifthe companies were listed, these contracts would become public andthey would no longer be able to exist," says Beze. If all thestate's shares had been listed in 2005, Romania would have lookeddifferent now."
The Romanian state announced at the end of last year it wantedto sell its 46% stake in Romtelecom, in a deal estimated byCommunications Ministry officials at EUR1 billion, but cannot turnto the Stock Exchange because OTE has yet to give an answer as towhether it wants to buy the shares of the Romanian state or wouldprefer floatation, too.
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