Thursday, February 28, 2008

Romania plans to float Romtelecom minority stake

BUCHAREST, Feb 27 (Reuters) - Romania plans to float at least 10 percent of leading landline telephone operator Romtelecom, majority owned by Greece's OTE (OTEr.AT: Quote, Profile, Research), this year, the government said on Wednesday.

The float was scheduled for 2006, but has been repeatedly delayed after recent selloffs came under the spotlight on suspicion of commercial espionage.

"We wish that this year, this fall, to successfully finalise the listing procedure on the bourse," Telecoms Minister Karoly Borbely said in a statement.

The cabinet said the procedure will take around eight months to complete and that the planned stake on float could be raised.

The government, which holds a 46 percent stake in the company, said the procedure to select a consultant to advise on the sale will be relaunched. But it did not offer a timing.

A previous consultancy contract with Credit Suisse has expired, officials said. (Reporting by Radu Marinas; Editing by Richard Hubbard)

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