Romania Plans To Sell At Most 20% In Airline Tarom

Romania’s Government plans to sell 20% in national airline Tarom either on the stock exchange or to a strategic investor by the end of 2011, according to the draft letter of intent agreed with the International Monetary Fund.

43 views

Initially, the agreement with the IMF included a partial sale of Bucharest and Timisoara airports and the complete privatization of Tarom.

Romanian authorities will select an investment bank for the Tarom IPO by end-September, and conclude the partial privatization by end-December.

Also, the government pledged to hire a private management team for Tarom by end-November.

Similar action is planned for cargo railway company CFR Marfa.

Joint teams from the IMF, the EU and the World Bank ended Monday the first review of a EUR5 billion precautionary loan agreement, successor to a larger EUR20 billion bailout package that ended in April this year.

If you liked this story, please follow MEDIAFAX.RO on FACEBOOK »

The content of mediafax.ro is for your information only. Republishing or using this content is forbidden without express consent of MEDIAFAX. For this consent, please ask for it by mail at vanzari@mediafax.ro.