06 September 2013 16:46 [Source: ICIS news]
LONDON (ICIS)--The five financial investment companies listed on the Bucharest Stock Exchange have proposed forming a consortium to rescue beleaguered chemical company Oltchim, Romania's economy ministry said on Friday.
The companies - known as SIFs in Romania - had proposed buying the 54.8% stake held in Oltchim by the state, the ministry added.
The SIFs' plan to revive the company - entered into insolvency by the government in January and restricted in terms of production due to a lack of working capital – would involve integrating it with a fellow Romanian chemicals producer Chimcomplex Borzesti, the ministry said.
The majority shareholder in Chimcomplex Borzesti is one of the SIFs, SCR Group.
“The president of SIF Moldova has announced the imminent formation of an SIF consortium that wants to be involved in resolving the situation at Oltchim, which is considered a project of national interest,” the ministry added in a press release.
An attempt at privatising Oltchim collapsed in October 2012, leading to the resignation of the then head of the Romanian privatisation agency after the prime minister said the sale process had turned into a “circus”.
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