“The auction will be resumed once the situation is resolved,” the ministry told Mediafax Tuesday.
Posta Romana is Romania’s largest provider of postal services. The company is 75%-owned by the IT&C Ministry, while investment fund Fondul Proprietatea (FP.RO) holds the remainder stake.
In December, the ministry hired audit and advisory firm KPMG Romania to evaluate the company ahead of privatization. KPMG outbid Preciss Consulting for the contract, whose value was set at 48,360 lei (EUR11,270), value added tax inclusive.
The Romanian government has pledged to find a strategic investor to buy at least 20% in postal company Posta Romana during a capital increase scheduled for 2012 and to start collective layoffs under a previously established restructuring plan.
The capital increase should be completed by the end of April 2012, according to the country’s latest letter of intent to a EUR3.5 billion loan agreement with the International Monetary Fund.
Shortly after the capital hike, the new shareholder in Posta Romana will be consulted in view of appointing private management and board members, the government said.
Posta Romana reported losses of EUR29 million in 2010.