02 November 2010 17:31 [Source: ICIS news]
PRAGUE (ICIS)--An activist shareholder in ?xml:namespace>
"We yesterday sent a letter to the Ministry of the Economy reconfirming our interest in participating in the privatisation when it is started,“
The ministry was not immediately available for comment on PCC's interest but Karoly Borbely, state secretary at the ministry, has confirmed that two investment funds are interested in buying the state's stake.
The IMF discussed the merits of privatising Oltchim during October talks on Romanian economic matters with the country's economy and finance ministries.
Oltchim declined to comment on expressions of interest in buying the state's majority shareholding, saying questions should be referred to Borbely.
The management of the company has been involved in a long-running disagreement with PCC over how best to restore its fortunes.
On 1 November, Oltchim announced it had been unable to raise the working capital to buy the raw materials needed to restart its Arpechim petrochemical unit, the closure of which has led to severe shortages of feedstock at the firm. It also announced increasing losses.
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