The Romanian state is seeking to raise 600 millioneuros from privatisations, without however having a schedule forStock Exchange listings. What chances does it have when Poland andAustria are coming up with concrete plans of privatisation worthbillions of euros?
Poland raised 8 billion euros from privatisations in three years,by honouring its promises and by planning asset sales ahead. InBucharest, rumours have been the only thing to go by in the pastfew years.
The Warsaw government learned the lesson of privatising byscheduling asset sales through multi-annual strategies, directcontact with foreign investors and by using diplomats to promoteprojects.
Romania, pressured by the IMF is discovering the need to privatise,after in the last few years local officials repeatedly promised theStock Exchange privatisation of energy companies without coming upwith a calendar or a privatisation strategy. The only officialinformation is that stakes of 10% in Petrom and of 15% in each ofTransgaz (gas transmission company) and Transelectrica (electricitytransmission company) could be sold on the Stock Exchange at somepoint this year.
Competition over investors' money is however extremely high, withPoland scheduling 4 billion euros' worth of privatising for thisyear, and Austria planning to sell 24 billion euros' worth ofstakes on the Vienna Stock Exchange over the next few years.
"We are competing over resources with countries in the region asfar as companies' privatisation through the capital market isconcerned. For 2011 projects, Poland has a privatisation schedulesince 2008, which it has strictly followed. From secondaryofferings of shares of Petrom, Transgaz and Transelectrica, theRomanian state could raise 600 million euros in 2011," saidLaurenţiu Ciocârlan, manager of the Primary Offerings department ofbrokerage firm Raiffeisen Capital&Invest.
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