Romania To Sell Stake Of At Least 20% In Posta Romana
Romanian government has pledged to find a strategic investor to buy at least 20% in postal company Posta Romana during a capital increase operation in 2012 and to start collective layoffs under a previously established restructuring plan.
The capital increase should be completed by the end of April 2012, according to the country’s latest letter of intent to a EUR3.5 billion loan agreement with the International Monetary Fund.
Shortly after the capital hike, the new shareholder in Posta Romana will be consulted in view of appointing private management and board members, the government said.
Posta Romana is Romania’s largest provider of postal services. The company is 75%-owned by the Communication Ministry, while investment fund Fondul Proprietatea (FP.RO) holds the remainder stake.
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Ștefan Stan