New strategy for privatization of Romanian Savings House

The Romanian Saving House (CEC) announced on Monday it bids 85 per cent of the bank shares. The privatization strategy is to be modified until March 15 and investors can apply until April 25, according to a CEC press release.

The current strategy entailed the privatization of 75 per cent of CEC shares but not less than 50 per cent plus one.

The improved strategy to be finalized by March 15 and endorsed by the Govt allows the purchase by the bank’s employees of more than 5 per cent of CEC shares and up to 10 per cent are to be listed at the Bucharest Exchange Stock.

Last week, the privatization commission rejected the proposal of a 2-year delay. The commission also decided that the price offered makes up 75 per cent of the evaluation points.