You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

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)

Compare