A company held by five national companies subordinated to the Ministry of Public Works, Transports and Housing will run every programme of public interest in the constructions sector, social housing and holiday cottage construction included, according to an ordinance published in the Official Gazette on Friday.
The new trading company called Compania Nationala de Investitii (National Investment Company - CNI) has four billion lei in start-up capital, distributed over 160,000 shares (25,000 lei in face value each).
The five CNI shareholders are Bucharest-Otopeni International Airport -1.25bn lei (50,000 shares), CFR Marfa and Maritime Ports Administration Constanta with 1bn lei subscribed and 40,000 shares each, Administration of Navigable Channels and Canals Constanta - 500 million lei and Administration of Maritime Danube Ports Galati - 250 million lei.
Miron Mitrea, minister of Public Works, Transports and Housing, has a very important position in the administration of the newly established company.
According to the statute, the minister directly appoints two of the seven members of the Shareholders Assembly, while the other five represent a shareholder each. Furthermore, the minister appoints CNI's general manager and sets his salary.
The general manager is also chairman of the board, comprised of eleven trustees, elected for a four-year term. The statute, however, does not clearly show for how many votes the two Shareholders Assembly members directly appointed by the minister actually account, while things are clear for the other five members "Every share subscribed and paid for, under the law, gives the holder the right to one vote (...)"
The ordinance stipulates that CNI's core business is: running programmes of public interest in constructions; building "holiday establishments of social interest," such as holiday villages and camping facilities, as well as "family holiday cottages," to be let; building "social housing for natural and legal persons"; buying, making and selling constructions technology; projects and services specific to the constructions sector; and last but not least "conducting marketing and advertising operations, as well as publishing specialised materials according to its core business."
The funding sources will be the company's own revenues, internal or foreign loans pledged by the State, donations and sponsorship. Furthermore, CNI will charge 5% of the value of the construction-assembly works for technical assistance provided for running the investments.
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