$1bn dowry required of SNTR suitors

The investors that want to participate in the negotiations for acquiring the controlling interests in Societatea Nationala Tutunul Romanesc (National Romanian Tobacco Company – SNTR) must be experienced in tobacco selection, growing and processing and have posted more than $1bn turnover in 2002. These are the main requirements the Privatisation Authority (APAPS) included in privatisation announcement for SNTR published in the central and international press at the end of last week. Those that want to buy the 56.4% in SNTR now held by APAPS have until December 23 to submit final bids. The pre-qualifying documents will be opened on January 5. “SNTR is a very important company for the Romanian economy and can become one of the most important taxpayers following privatisation, a taxpayer that provides for over 50,000 small farmers with whom it concludes contracts every year and from whom it buys the tobacco,” APAPS chairman Ovidiu Musetescu stated. SNTR’s core business is making tobacco products. SNTR’s share capital amounts to 871.3bn ROL distributed over 3.9 million shares at a par value of 223,000 ROL. ZF