Privatization of CFR Marfa to be completed in 2016
The privatization of state-owned CFR Marfa will be completed in 2016, following the agreement signed with the International Monetary Fund, according to a statement uttered by Ioan Rus, the Minister of Transportation in Romania. 2015-03-11 11:58:34
The term has been delayed from year to year and , on February 9, the Ministry of Transportation in Romania had planned to launch the selection procedure for the consultant in charge with resuming the privatization.
In October 2013, the sale of 51 percent of CFR Marfa to Grup Feroviar Roman (GFR), a company controlled by Romanian businessman Gruia Stoica, failed to be completed by the agreed deadline because some financing banks of CFR Marfa did not agree with the change in the stakeholder structure. Another problem was that the Competition Council did not take a position on the transaction.
In May last year, the Ministry of Transportation resumed the privatization process of CFR Marfa and changed some conditions imposed on the auction participants. One of the main changes was to decrease the required turnover level of the offering companies, from EUR 100 million to EUR 20 million. Still, the initial offering price remained unchanged, starting at EUR 180 million, while the participation warranty was set at EUR 10 million.
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