The Romanian government has decided to sell the 45.99% stake in Romtelecom still held by the state through the Ministry of Information Society (MSI).
Quoting the latter, Media Expres reports that the shares have a nominal value of RON10 (€2.26) each, making the stake worth RON146,460,920.
The sale will be completed after the MSI selects a specialised investment bank or a consortium of investment banks and a legal advisor.
The sale is considered appropriate in the light of the current economic climate and Romtelecom’s profitability.
Last year it posted a profit of RON312,633,865 and a turnover of RON2,728,800,306.
This will be the third time the state has initiated a move to complete the privatisation of Romtelecom, the first having been in 2005.
The company currently lists Greece’s OTE International Investments as its majority (54.01%) shareholder.
