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Romania mulls listing CFR Marfa on Bucharest bourse - report

Romania mulls listing CFR Marfa on Bucharest bourse - report s_oleg/Shutterstock.com

BUCHAREST (Romania), June 18 (SeeNews) - Romania is considering privatising rail freight carrier CFR Marfa by listing a majority stake on the Bucharest bourse, instead of selling it via a tender, local media reported on Thursday quoting a transport ministry official.

"There are talks regarding the privatisation of CFR Marfa, in which we propose a bourse listing, which is a much clearer [...] and more transparent solution," financial daily Ziarul Financiar quoted Iulian Matache, state secretary at the transport ministry, as saying.

More details will be made public once a new strategy for the company's privatisation is approved, the official added.

CFR Marfa's turnover fell 14% on the year to 182 million lei ($46.3 million/40.6 million euro) in the first quarter of 2015.

Romania has pledged to restructure CFR Marfa prior to selling a majority stake in the company, under a stand-by deal with the International Monetary Fund. Last year the company laid off 2,500 employees, or some 30% of its staff, as part of the restructuring plan.

In 2013 an attempt to privatise CFR Marfa failed after local privately-held railway operator Grup Feroviar Roman, which won the privatisation tender, failed to pay the price within the deadline.

(1 euro = 4.4799 Romanian lei)

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