Carpatica Invest and Swiss Capital will draft a preliminary prospectus for the initial public offering of Tarom’s shares within 50 days after it receives all pertinent data from the ministry. The IPO will be completed within three months after the brokerage contract enters into force.
The consortium will receive a fixed commission of 1.99% for services rendered, the ministry said.
Carpatica Invest and Swiss Capital submitted the only offer to broker Tarom’s IPO. The ministry initially rejected the offer, saying the proposed commission was too high, but reconsidered after the consortium halved its offer.
Tarom is one of the companies monitored by the International Monetary Fund under a EUR3.5 billion precautionary deal signed earlier this year. 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 (EUR76.7 million) in 2010, wider from RON235 million a year earlier. (EUR1=RON4.3409)