The Romanian Post National Company (CNPR) will be privatized, this governmental decision being irreversible, Finance Minister Florin Georgescu stated on Wednesday.
"The privatization strategy of the Romanian Post was approved by the Executive today (Wednesday, July 25th, 2012 – r.n.). It provides a privatization of at least 20%. We expect expertise from a specialist and, within a reasonable timeframe of few weeks, valuations will be made (regarding state’s benefits following the Romanian Post’s privatization, r.n.). For the time being, we only have the strategy, the steps to be taken in the privatization process. However, the decision is irreversible. The Romanian Post will be privatized”, Finance Minister said, as Agerpres informs.
According to the governmental decision’s project published on the Communications and Informational Society Ministry’s website, an international consultant will be appointed for the expertise of CNPR’s privatization. The privatization will be aacomplished by raising the social capital with at least 20%.
The special international expert will analyze the privatization strategy, proposing modifications and completions.
The expenses related to the fixed component of the international expert’s remuneration, to the variable remuneration’s component, associated to the payment of transaction’s total amount that The Romanian Post National Company will benefit, the Communications and Informational Society Ministry’s expenses with contracting attorney houses, as well the expenses related to privatization’s preparation and accomplishing, including advertising, will be supported by the Romanian Post National Company, the projected Executive’s decision specifies.
Pursuant to the Memorandum with the IMF, the authorities had committed to identify a strategic investor for 20% of CNPR by raising the company’s social capital by the end of June 2012. The initial deadline for Romanian Post’s privatization was the end of March, 2012.
CNPR considerably diminished its loss, from EUR 28 million in 2010 to EUR 4.3 million at the end of 2011. In January 2012, the company reported a gross return of EUR 1.4 million, 16.6% higher than in December 2011.