Nastase: we'll think about Alro

PM Adrian Nastase yesterday said it was yet uncertain which of the two options for Alro Slatina aluminium maker’s privatisation (sale of shares or capital increase) would be chosen.

“I don’t know which of the two would make the best choice” Nastase said, adding that the Cabinet expected to see the results of the audit at Alro before making a decision.

Commenting on the opposition certain companies interested in buying the controlling interests in Alro had expressed about the capital increase at the aluminium maker, the PM said that in case the share sale option would be preferred, Balli trade company would have pre-emption right for the purchase, hinting that certain people would be interested in the Government choosing this option.

“Now (that everybody has found out Balli has pre-emption right for share sale i.e.) I know why some are against the capital increase.

Balli’s pre-emption right stands for the sale of shares only,” said Nastase carefully articulating every word, hinting that such an option was currently not considered by the Government.

After the intention to increase the share capital by contribution in cash ($60 million) was announced, most companies interested in buying Alro have challenged Privatisation Authority’s decision one way or the other.

In case the capital increase is approved by the General Shareholders Assembly on June 4, the Privatisation Authority will lose control over Alro to Marco International Trade Company, which now holds 25% in it.