“Posta Romana is the largest employer and a very important company for the state, which owns 75% of its capital. I do not want the privatization done at just any price and under just any terms. We want to find a serious investor for Posta Romana. When this process is completed, the state will remain a majority shareholder, owning 51% of the capital,” Mustea said.
Posta Romana’s other shareholder is Fondul Proprietatea, with 25%.
The next stage in the company’s privatization is selecting a legal consultant, within the next month, and then selecting a privatization consultant.
In December, the ministry announced it would hire audit and advisory firm KPMG Romania to evaluate Posta Romana ahead of privatization. However, the contract, whose value was set at 48,360 lei (EUR11,055) including VAT, was not signed because of the lack of financing, Mustea said.
According to data released by the minister, Posta Romana ended 2011 with losses of RON68 million, with RON30 million made up by provisions for various court suits.
“The Post’s financial situation has improved; a number of loss-making contracts have been terminated,” Mustea said. (EUR1=RON4.3741)