The Government is preparing to sell some of the shares it ownsin the crown jewels - the energy sector companies held by theEconomy Ministry, such as OMV Petrom, Transelectrica, Transgaz andRomgaz on the Stock Exchange, for which it estimates to collectmore than one billion euros.
The information was published by Mediafax news agencyexclusively yesterday afternoon, citing an official document of theGovernment.
The money should go into a special fund of the Economy Ministry,run by Adriean Videanu, who is currently managing the mostimportant portfolio in the country. The Fund, which will manage thestate's industry and energy assets will participate in the fundingof investment projects and sell the shares held in the companies inthe state's portfolio.
The state is thus trying at the last minute to use the StockExchange to get cash, after having borrowed 18 billion euros fromthe IMF and other international financial institutions and severalother billion euros from the financial markets via government bondissues. Brokers and Bucharest Stock Exchange representatives havebeen asking the state to float companies for years, but so far morehas been said than done.
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