Carriers privatised on capital market?

The companies in the railway and air transport industry, as well as those in the tourism industry, will also be possible to privatise by selling their shares through capital market specific methods, according to a Government Decision draft currently analysed by the Economic and Social Council. This operation will be done after running a public offering (either primary or secondary) in order to turn close companies into publicly-held entities, the normative act draft originated by the Ministry of Transports, Constructions and Tourism stipulates. Such a privatisation method will be possible to apply separately or along with other procedures. The other methods considered for railway carriers for instance include selling the shares to the investor that submits the highest bid in a sealed envelope, attracting Romanian or foreign investors by a private contribution to the capital increase, as well as the public-private partnership. Other options are selling assets and transferring assets for free, or selling shares by negotiations. The same procedures are set for use in case of privatising air operators and companies in the tourism industry, yet the already existing shareholders or partners of the latter have to be granted pre-emption before the start of the procedures to auction off the shares. ZF