The Transport Ministry, majority owner in Tarom, last year initiated the privatization proceedings for the airline and hired a consortium made of Carpatica Invest and Swiss Capital to broker the IPO.
The ministry estimated at the time it would raise between EUR20 million and EUR60 million. However, a new document drafted by the ministry early this year indicates the airline is still very much affected by the global financial crisis and the revenues from selling a 20% stake are not expected to exceed EUR7.4 million.
Tarom is one of the companies monitored by the International Monetary Fund under a EUR3.5 billion precautionary deal signed in 2011. At the latest negotiations with the IMF, the government pledged to sell a minority stake in the company by end-April 2012.
Tarom reported a loss of 332.5 million lei (EUR76.6 million) in 2010, wider from RON235 million a year earlier.
The airline is yet to release the results for 2011.