Oltchim prepares for privatisation again

Shares in the chemical plant Oltchim Ramnicu Valcea gained more than 5% on the Bucharest Stock Exchange on Monday after it was announced that the plant would be privatised. The plant has been put up for privatisation on several occasions over the last few years, though each time the move was unsuccessful. The situation this time is also not very clear. The Office for State Interests and Industrial Privatisation (OPSPI) has instructed Oltchim to prepare the documentation for the privatisation brief. “We received a memo from the OPSPI last week requesting that we put together the documents for the job specifications book,” explained Constantin Roibu, Oltchim”s general manager. The Economy Ministry is the main shareholder in Oltchim with a stake of over 90%. Around 40% in the company, which resulted from a capital increase operation, is currently the subject of a legal battle between the company and its minority shareholders. Until the legal situation is resolved, the state will only be able to sell the 53% it owned before the capital increase. The authorities had not announced their plans for a new privatisation of Oltchim until now. ZF