10.3 C
Bucharest
December 5, 2020
BUSINESS

Government cleared the debt of CFR Marfa

The Government on Wednesday approved an emergency ordinance through which it partially cleared the debt of CFR Marfa to CFR SA by the amount of EUR 28 M (over RON 127.4 M), to increase the attractiveness of the company for privatisation. ‘The Emergency Ordinance adopted by the Government aims at an economic-financial balancing in CFR Marfa, for increasing its privatisation attractiveness. The emergency nature is given by the need to fulfill the objectives assumed through the agreements with the IMF,’ shows a Government release. The privatisation of CFR Marfa is being made through a stock sale procedure through methods combined with pre-qualification criteria, consisting of a negotiation based on preliminary and non-engaging offers, followed by a sealed-envelope tender for a majority package of 51 per cent of the share capital of the company.
On June 20, the Privatisation Committee will proceed to the opening of the envelopes with the present bidders’ documents and will establish the winner. This is the second attempt to privatise CFR Marfa, after which, in a first stage, all offers were rejected because, according to the Transports Ministry, they were incomplete.
The Ministry of Transport has resumed the privatisation of CFR Marfa relaxing some of the conditions bidders were supposed to meet, such as the required turnover that was reduced from EUR 100 M to EUR 20 M – however without changing the starting price of EUR 180 M or the deadline for choosing the winner. The privatisation of CFR Marfa will only continue with Grup Feroviar Roman and association of Transferoviar Grup – Donau Finanz, as the envelope submitted by the Americans from OmniTRAX did not contain the preliminary, non-binding bid.
Given the circumstances, the Transports Minister Relu Fenchiu told Realitatea TV that no investor would enter the possession of CFR Marfa unless he transferred to the Romanian state’s accounts the minimum amount of EUR 180 M. He pointed out that the privatisation strategy stipulated that CFR Marfa was to be sold without debts. According to him, the price for CFR Marfa was established based on some calculations and assessments made by specialists.

Related posts

Indoor design suggestions made by Cameleonia: Artistic decorations with grapevine motif, an absolute novelty for the Romanian interior design

Nine O' Clock

OTP Bank Romania expands its territorial network and inaugurates a new branch concept

NINE O'CLOCK

First electric vehicle charging station inaugurated

Nine O' Clock