The companies that submitted non-binding bids for SNP Petrom are now demanding the authorities to find a way to allow the buyer to maintain 51% in the capital and to be informed exactly how much they need to invest to keep this stake, the moment the actual transaction is concluded.
This is one of the explanations of the Economy and Trade Ministry (MEC) representatives for postponing the signing of Petrom's privatisation contract. "These requests need a legislative modification to address," the officials of the ministry say. The ministry holds 93% in Petrom, the largest company on the Romanian market.
MEC says that, as soon as the plots of land for which Petrom is to get property deeds have been included in its share capital, the stake of the strategic investor could drop below 51%, as the new shares issued will go to the State. To maintain the controlling interests, the investor will get pre-emption for buying extra shares from the State. At the end of last year, the ministry increased its stake in Petrom from 92.96% to 93.04% following a capital increase during which it was the only participant and which was done by including in the capital some plots the company had got property deeds for.
As for the delay in the privatisation process, the Economy and Trade Ministry representatives added, " There has been and there is no intention to delay the privatisation process. The ministry is going through this process with the utmost commitment and as fast as it can, but takes into account the need to clarify the complex issues raised by investors, as maintaining their interest at its peak and providing the highest competitiveness in the privatisation process depend on it."
The clarification comes at a time when Economy and Trade minister Dan Ioan Popescu two days ago was saying, "no matter how strong the political will is," the deadlines set were not possible to meet, due to the clarifications requested by investors and to addressing certain complex issues regarding the property right over certain plots of land or the environment.
Under the circumstances, the minister announced the privatisation of the gas distribution companies could be completed "within six months", which means going beyond the previously announced deadline, March 31, 2004.
As far as Petrom is concerned, the minister had announced its privatisation might be concluded "some time sooner" than the end of the first half, compared with March 31, 2004, the original deadline.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
