Distrigaz employees queuing for shares

The employees of the two natural gas distribution companies, Distrigaz Sud and Distrigaz Nord will be allowed to hold up to 10% in the two companies, as part of the privatisation process scheduled for completion by 2004, the officials of the Industry and Resources Ministry (MIR) explain. It is yet unclear whether they stand to get them for free, at the par value or for the same price the strategic investor will pay. The officials of the Ministry, which controls the two gas distribution companies, as well as the Electrica Company agreed about a month ago to allow the employees of the electrical power distributor to buy up to 10% during the privatisation process, but the price has not been set yet. Inquired whether this strategy is to be made available to the Distrigaz Nord and Sud employees, Iulian Iancu, state secretary within MIR said, “This example, whereby the shareholders of a company will be allowed to hold shares as a result of the company’s privatisation process, is possible.” ZF