Electroputere Craiova up for sale again

The State Assets Resolution Authority (AVAS) was to put the company Electroputere Craiova up for privatisation again yesterday, with the deadline for submitting bids set for December 19. Electroputere is a manufacturer of electrical engines, generators and transformers, and has 12.4 million RON in share capital, of which 62.8% is held by AVAS. “The shareholder structure and the number of shares will be finalised after the transfer of some assets that were the object of a final and irrevocable court decision. The potential buyers are also notified that the stake held by AVAS could change during the privatisation process due to the swap of the Authorities” receivables for equity. If that is the case, then the AVAS will sell the entire stake resulting from the modification of the share capital at the same price per share as negotiated for the sale of the 62.8% stake,” the Authority officials added. Back in May, AVAS received letters of intent for Electroputere from Siemens Romania, Horvath Holding Investment Co. Inc. Hungary, and two consortiums, DAB-Electromec (Greece) on the one hand, and Serviciile Comerciale Romane – Telemania Israel – Konkar Electroindustr (Croatia) on the other. The employee association has also shown interest in taking over the company, with support from one of more potential investors. ZF