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Nov 06, 2007 14:05 EEST
November 6 (SeeNews) - Romania's privatisation agency AVAS said it signed on Tuesday a deal for the sale of its 62.82% stake in electrical equipment maker Electroputere to Al Arab Contracting Company for 2.3 million euro($3.3 million). Under the contract, Arab Contracting Company of Saudi Arabia must invest 23.1 million euro in upgrades and environmental projects in the Romanian company. It should provide another 37 million euro for operating capital and would pay Electroputere’s debts of 44 million euro, AVAS said in a statement. Electroputere has four divisions that manufacture locomotives, electric engines, power transformers and other electrical equipment. It reported a net loss of 30.71 million lei ($13.24 million/9.10 million euro) for the nine months through September, up from 30.45 million lei net loss a year earlier.
Electroputere stock last traded on November 5 down 6.35% at 1.18 lei per share on the Bucharest Stock Exchange. They were suspended of trading on Tuesday at 0730 GMT, prior to the signing of the sale deal with Al Arab Contracting company.
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Al Arrab Contracting Company is active in construction and also manufactures electrical industrial installations.
In June, AVAS chose the Al Arrab Contracting Company as preferred buyer of its stake in Electroputere in competition with Romanian companies A5 Invest SRL Caransebes and Grup Feroviar Roman S.A.
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