Ioan Niculae no longer wants SNTR

Interagro Group is not planning to participate in the new privatisation process of Societatea Nationala Tutunul Romanesc (National Romanian Tobacco Company – SNTR) and will try to sell its stake along with the controlling interests held by the State, Interagro chairman Ioan Niculae said. “I have no intention of participating in the privatisation again. It was a big mistake participating in the first place, because the company reports did not show the $120 million debts we’re paying now,” he added. Niculae specified SNTR had made a series of retooling investments, worth about $100 million throughout 1997-1998. Mediafax