RomTelecom, one more step towards floatation

The consultancy contract for the floatation of RomTelecom stake held by the Romanian state will be submitted to the Government for endorsement as soon as possible, Communications Minister Zsolt Nagy said. RomTelecom”s market value is unofficially estimated at some 3 billion euros. aWe have reached an agreement with Credit Suisse First Boston (CSFB) about the stipulations of the contract. The document says the consultant will present the conclusions of the analysis in six months at most,” Nagy added. aI believe we will list the first stake in RomTelecom on the Bucharest Stock Exchange, and probably on an international capital market some time in the September to October period.” The agreement with CSFB was signed yesterday during a press conference organised at the CERF (Computer & Electronics Romanian Fair). Minister Zsolt Nagy did divulge details about the size of the first stake to be listed, saying a decision in this regard was to be made together with CSFB. The value of the RomTelecom shares held by the state is put at 3 billion RON (one billion dollars), according to previous estimates of the Ministry of Communications and Information Technology. The Ministry chose Credit Suisse First Boston investment bank in January, which is to provide financial advice for the floatation of the shares. It currently controls 44.99% in RomTelecom, 20% of which is to be transferred to the Property Fund.