“The method of privatization will be mixed: the first round comprises a sealed-bid auction, which may be followed by a round of negotiations or an outcry tender,” the state’s privatization office OPSPI said.
The auction, scheduled for September 14, is open to all interested investors, OPSPI said. The bidding price starts at 0.1 lei (EUR0.022) a share.
Oltchim is majority owned by the Economy Ministry, with a 54.8% stake, while Germany’s PCC SE holds an 18.32% stake.
In April, the ministry said Oltchim’s privatization would include several stages, starting with a round of negotiations based on preliminary, non-binding offers submitted by investors.
Four companies filed non-binding offers for Oltchim, namely Russian energy producer TISE, PCC SE, Pegamont Ploiesti and Aisa Invest Cluj.
Thursday, Oltchim proposed increasing its share capital by a whooping 2.06 billion lei (EUR450 million) to RON2.09 billion by converting into shares a RON1.2 billion receivable held by the state and by issuing new shares.
The proposal will be voted at a shareholder meeting due September 10.