BUCHAREST: Romania will sign a deal to sell its 63 percent stake in electrical equipment maker Electroputere in the coming days, the country's privatisation agency AVAS said on Friday.
European Union newcomer Romania has opted to sell loss making Electroputere to Saudi Arabia's Al Arrab Contracting Company Limited, after it gave its preliminary approval in June. "AVAS decided ... to finalise the privatisation of Electroputere ... the final draft of the sale contract was approved ... and it does not contain state debt exemptions," the agency said in a statement.
AVAS did not specify the value of the deal. An industrial enterprise dating back to the communist years, Electroputere has debts estimated at 40 million euros and a share capital of 12.4 million lei ($5.12 million). By 0730 GMT, its shares were down 0.8 percent on the day at 1.2300 lei. It hit a year high of 2.23 lei per share in July.