APAPS' January revenues: $22m

The Privatisation Authority (APAPS) in January collected $300,000 in dividends from companies in which the State holds stake. The dividends will remain a good stream of cash in February and March, given that Banca Comerciala Romana (Romanian Commercial Bank – BCR) and Banca Romana pentru Dezvoltare (Romanian Development Bank -BRD) are expected to disburse dividends, as well. APAPS’ privatisation-related revenues in the first month of the year amounted to approximately $22 million, $17 million of which account for the payment instalments due for the stakes in the companies it has sold lately. Another $5 million were recovered by APAPS after having won lawsuits filed under Law 64/1995 republished, which regulates judicial reorganisation and bankruptcy. The revenues transferred by APAPS to the state budget are used to alleviate the need of the Finance Ministry to borrow from the domestic market to a certain extent. The Authority says it will complete the privatisation of the companies it controls and are included in the PSAL II Programme conducted with the World Bank by the end of June this year. ZF