Romania Cancels Bid To Select Adviser For Posta Romana Privatization
Romanian IT&C Ministry has cancelled an auction to select an adviser to help with the sale of a minority stake in postal company Posta Romana, citing faulty proceedings.
“The auction will be resumed once the situation is resolved,” the ministry told Mediafax Tuesday.
Posta Romana is Romania’s largest provider of postal services. The company is 75%-owned by the IT&C Ministry, while investment fund Fondul Proprietatea (FP.RO) holds the remainder stake.
In December, the ministry hired audit and advisory firm KPMG Romania to evaluate the company ahead of privatization. KPMG outbid Preciss Consulting for the contract, whose value was set at 48,360 lei (EUR11,270), value added tax inclusive.
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