Costreie was appointed early June as special administrator in charge with preparing Oltchim for privatization.
Oltchim is majority owned by the Economy Ministry, with a 54.8% stake, while Germany’s PCC SE holds an 18.32% stake.
The company’s privatization process will kick off with a sealed-bid auction September 18, followed, if necessary, by a round of negotiations or by an outcry auction.
According to the privatization strategy, Oltchim’s potential buyer will also have to take over total receivables of 1.8 billion lei (EUR403 million) held by the state assets authority AVAS and state-owned electricity producer Electrica SA.
Oltchim reported losses of RON188.2 million in the first half, more than double on the year. The company’s sales fell 41% to RON540.6 million.
At around 11:00 am Friday, Oltchim’s shares traded down 0.68% at RON0.7335 in Bucharest, amid a slightly declining market. (EUR1=RON4.4617)