Privatization - Lots of Bargains at ARSA

The Authority of Revaluation State’s Assets (ARSA) received four offers for the takeover of the Hidromecanica Brasov company, after its first try this year failed since the offers didn’t meet the institution’s demands.

The investors interested in the company are Financial Investments Company (FIC) Transylvania and another person that have also took part in the previous privatization attempt, together with Electroaparataj Bucharest and Contactoare Buzau. FIC Transylvania is the owner of 45.21% of the company’s shares. Not long ago, controversial businessman Alexandru Crisan, now arrested for fraud, owned Hidromecanica.

Electroputere Craiova will be again on sale, and ARSA also negotiates with potential buyers the contracts for UZTEL Ploiesti and Griro Bucharest. American company Array is interested in the first firm, and for the enterprise in Bucharest there is an offer from the corporation formed by Laminate SC, RELCO and PAS GRIRO Association.

LAMINORUL IS NEXT

On the other hand, ARSA will establish the special administration procedure for Laminorul Braila, privatized in September 1999, when it has been taken over by Tubman Limited, registered in Gibraltar. The latter transferred the main stock package to Italian company Tenares, which took upon itself all the clauses in the privatization contract. At the beginning of November, Tenares transferred for free its part to ARSA (Catalin Budescu).

PHOTO: EVERLASTING. After taking it back, the Government stumbles again over the Laminorul Braila privatization.