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August 7, 2022
BUSINESS

State debt owed to Romanian Post, transformed in shares before privatization

The Information Society Minister wants to transform the debt that the state owes to the Romanian Post into shares prior to the company’s privatization, Mediafax informs. “The Romania Post’s privatization is done by hiking the registered capital through an input of private capital, a new investor being set to buy a package of shares representing 51 per cent of the company’s registered capital, including the one resulting as a consequence of the debt owed by the state to the Romanian Post being transformed into shares, to the extent it takes place, if need be, as part of a capital increase operation through the issuance of new shares,” the draft law reads.  The Romanian Post’s shareholders are the Information Society Ministry (75 per cent) and Fondul Proprietatea (25 per cent). The new shares issued will be offered to the selected investor for subscription, in order for the investor to buy 51 per cent of the registered capital, as well as to the existing Fondul Proprietatea shareholders in order to maintain its level of participation within the company’s registered capital through the exercise of the preemptive right. In case Fondul Proprietatea does not exercise that right or does so partially, the selected investor will subscribe a lower number of shares than the one offered initially, so that at any rate its participation within the company’s registered capital will represent 51 per cent of the registered capital existing as a result of the capital hike operation. The shares not subscribed by the Fondul Proprietatea or by the selected investor will be cancelled, the document shows. The Romanian Post will bear the expenses for preparing and completing the privatization.

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