AVAS awaiting buyers for 7.3% in BRD

The State Assets Resolution Authority (AVAS) will put 102,060,436 shares up for sale by negotiation based on final, improved and irrevocable bids. The shares account for 7.3% of BRD-Groupe Societe Generale, the second largest bank on the market. This sale is in line with the strategy for selling the State’s interests in BRD, endorsed by Government Decision 368/2004. The decision stipulates the sale must be carried out by negotiation based on binding, irrevocable and improved bids, to one or more investors that are also legal entities, either Romanian or foreign. The potential buyers have until September 3 at noon (12 pm) to submit the participation documents and the final bids. The consultant selected to draw up the evaluation report on the residual stake the State holds in BRD is Romania-based DDP Consult Group. The company is to submit the report to AVAS, together with the presentation brief regarding the sale of the stake, by the end of the month. ZF