Last BRD-SG Shares in Public Hands Go On Sale

The Authority for Valuation of State Assets put up for sale 7.3% of the stock of the Romanian Bank for Development - Societe Generale (BRD-SG). The shares will be sold by negotiation, on the basis of final offers, to one or several investors who may be Romanian or foreign legal persons.

The potential buyers may present their documents for participation and their final offers by September 3, 2004. BRD-SG is the second largest bank in Romania on assets and one of the most important private banks.
Bogdan Balthazar, president of the bank’s Council of Administration, said: "We were consulted by the people at the Authority for Valuation of State Assets as to the best possible method for selling this last stock they had. One year ago there was talk about selling the stock on the stock market, but the final option was for a direct sale.
There also was an evaluation report ordered by the Authority for Valuation of State Assets, which finally backed their choice for a direct sale.
The price per share for this 7.3% of stock would be close to the one of the shares that are traded on the Stock Exchange," explained Balthazar.