The Government has decided on how several companies dealing in tourism, including Hercules SA Baile Herculane, Biroul de Turism si Tranzactii SA (Tourism and Transactions Bureau-BTT), Neptun Olimp SA, Mamaia SA and Poiana Brasov SA will be privatised.
Baile Herculane will be privatised by negotiations with bidders to commit to an investment programme agreed upon with the Tourism Ministry, to put the resort back on track.
As for BTT, the Government’s strategy shows the start of this privatisation was a complete chaos, with “successive and uncertain legal operations” having been conducted with the company’s lands, which hinders and delays privatisation.
As soon as the status of the patrimony is cleared up, the possible alternatives are splitting the company into several companies based on the territorial criterion, followed by selling the stock of the new companies, setting up joint ventures based on assets to immediately attract investments, or even the sale of the entire stock by tender or by negotiation.
Neptun Olimp SA privatisation will consider the sale of small assets – stands, terraces, restaurants or independent stores, which used to be rented during the summer season, the splitting of the company into 20-25 new ones, according to the hotel complex structure and maintaining the current shareholding structure, as well as selling the stock of the new companies by direct negotiations, to those which come up with investment projects to be run over no more than three years. Mediafax