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Romania's Bulboaca si Asociatii to advise state in Romtelecom stake sale

Romania's Bulboaca si Asociatii to advise state in Romtelecom stake sale

BUCHAREST (Romania), October 8 (SeeNews) - The Romanian communications ministry said on Tuesday it has selected local law firm Bulboaca si Asociatii to advise, assist and represent the ministry during the privatisation process for the state-owned 45.99% stake in local fixed-line operator Romtelecom.

The ministry selected the firm after receiving a total of five bids, including also offers from Bostina si Asociatii SPRL, Salans FMC SNR Denton Europe – Todor si Asociatii SCA, D&B David si Baias SCA and Borza si Asociatii SCA, it said in a statement.

The privatisation process itself will be carried out by a specialised consultant, investment bank or a consortium comprising an investment bank and a legal advisor, the statement added.

The Romanian government decided in July to resume the sale of its stake in Romtelecom. Its main option is the listing of the state-owned stake on the Bucharest Stock Exchange, the communications minister said at the time.

This is the third time that the Romanian government has initiated a sale process for its stake in the fixed-line operator.

Romtelecom, 54.01%-owned by Greece's OTE, turned to a profit of 312 million lei ($94 million/70 million euro) in 2012 from a loss of 884 million lei a year earlier as turnover declined 3.6% to 2.7 billion lei.

Romania's communications ministry owns 14.65 million Romtelecom shares with a par value of 10 lei each.

(1 euro = 4.4370 Romanian lei)