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Bucharest
October 25, 2020
BUSINESS

AVAS maintains the decision to cancel RODIPET privatization contract

The Authority responsible for State Assets Resolution (AVAS) maintains the decision to abolish, with payment of indemnities, the privatization contract of the company active in media distribution, Rodipet SA, based on a press release from AVAS, cited by Agerpres. The decision of AVAS Board of Directors addressing the termination of the privatization contract and the registration of the Authority as shareholder in Rodipet remains valid. The media distribution continues to be monitored by AVAS. Following the decision adopted last month by the Board of Directors, AVAS asked Trade Registry to be re-registered as shareholder, the deadline set by court being May 26, 2009. Subsequently to the new registration, AVAS shall notify the buyer and they will start procedures for terminating the privatization contract. Following the failure of the buyer to produce the evidence for the accomplishment of the maturing investment obligations, undertaken in the contract, AVAS Board of Directors decided to execute the real estate guarantees pledged in favour of AVAS on 7,351,797 shares issued by Rodipet SA (currently Network Press Concept SA) and the new registration of the Authority as shareholder for this participation. Rodipet SA was privatized in 2003 through the signing of the privatization contract by which Magnar Two SRL bought 90,574 shares, which accounted for 100 per cent of the media distribution company equity capital. Currently, Network Press Concept SA (former Rodipet SA) is in a state of insolvency, further to the requirement formulated by Regia Autonoma Monitorul Oficial.

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