28 October 2013 15:42 [Source: ICIS news]
LONDON (ICIS)--Romania is targeting the completion of its renewed effort to privatise beleaguered chemical company Oltchim by next February at the earliest, state officials said on Monday.
Efforts included ongoing negotiations with five financial investment companies listed on the Bucharest Stock Exchange that are proposing to establish a consortium to take over and restructure the company, Romania's economy ministry, which holds a 54.8% stake in Oltchim, said.
One move in the initial restructuring phase – the divestment of Oltchim unit Ramplast, which makes polyvinyl chloride (PVC) window frames, doors and panels – has been completed, it added.
Ramplast assets were sold for €7.7m ($10.7m) to the sole bidder at an auction, Romanian trading company SC Dynamic Selling Group.
Oltchim was entered into insolvency by the government in January after an October 2012 attempt at privatising the company collapsed, triggering the resignation of the then head of the Romanian privatisation agency after the prime minister said the sale process had degenerated into a “circus”.
($1 = €0.72)
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