Posta Romana is controlled by the Communications Ministry, which holds 75% of the shares, and investment fund Fondul Proprietatea (FP. RO), with a 25% stake.
According to a decision approved by the Government Wednesday, Posta Romana’s privatization process involves increasing the company’s share capital, via private equity inflow, through which the prospective investor gets hold of 51% of the postal operator’s shares, including the stake resulted from converting the debts into shares.
The debt-for-stock swap will be conducted, if the case may be, within a share capital increase operation by issuing new stocks. The newly issued shares will be offered for subscription to the selected investor in order to get hold of the 51% stake, as well as to Fondul Proprietatea to maintain its stake in the company by exerting its preemption right.
Posta Romana’s debts to the state budget amount to RON242.5 million after tax authority ANAF calculated new debts of RON107 million on May 16.
The postal operator was supposed to be privatized this year but no investor bought the privatization task book by the May 28 deadline. The Government has extended the bid filing deadline by June 30, 2014.
Early-September, Posta Romana sacked 3,650 employees, or 11.4% of its staff, which was reduced to some 28,500 people.
Posta Romana is the largest postal operator in Romania with a network of 5,600 units.