Saudi Al Arrab Pays EUR2.34M For Majority Stake In Romania’s Electroputere

Romania’s privatization authority AVAS on Monday confirmed that Saudi Arabian Al Arrab Contracting Co. Ltd paid EUR2.34 million for the 62.82% majority stake in state-owned electrical equipment-producer Electroputere Craiova.

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The amount was transferred to AVAS’ account at Romanian lender Eximbak, the regulator said.

The two parties signed the privatization deal in Craiova, southern Romania. By contract, Al Arrab Contracting Co. Ltd is to pay a total of EUR120 million for Electroputere. The sum includes EUR2.3 million for the majority stake, EUR37 million to be paid for working capital, EUR23 million investments and up to EUR64 million debts.

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