Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

World Bank to coordinate selection of private managers for CFR Marfa and Tarom

The World Bank (WB) will coordinate the selection of the private managers of the companies CFR Marfa and Tarom, according to the information sent to Agerpres by the Ministry of Transports and Infrastructure (MTI).

MTI filed a financing application with the Management Authority for the Operational Programme Administrative Capacity Development for a project that will be implemented with the technical assistance of the World Bank. The introduction of the private management to the companies subordinated to MTI is included here too.

According to the Ministry, concurrently with the approval of the application they will take the steps necessary for signing the contract between MTI and the WB.

In the first stage the companies that will undergo the process of privatizing a portfolio accounting for 20 percent of the shares will be Tarom and CFR Marfa and the WB will coordinate the selection of the consultant for recruiting the private managers.

The correct schedule for the selection of the private management in the companies subordinated to MTI will be established immediately after signing the contract with the WB.

For CFR Marfa the document stipulates the integration of all subsidiaries by the end of October 2011, including the Sea and Coast Transport Trading Company CFR Ferry-Boat SA (except for the Maintenance Trading Company and the Locomotive and Equipment Repair Trading Company CFR IRLU SA) and the designation of a private management by the end of December 2011 or by January 2012 if a significant minority stake is sold by the end of this year.

As for Tarom the memorandum agreed on with the IMF stipulates the drawing up of the development plan for 2012-16 and the designation, by late October 2011, of the investment bank/the financial investment company that should offer legal advice for the privatization of at least 20 percent of the shares via the IPO or a strategic investor, so that the conclusion of the privatization should be made by late 2011. A private management must also be designated by the end of January next year. For the air transport operator the document agreed on with the IMF also stipulates the cut of costs by renegotiating contracts, voluntary downsizing and the increase in income by means of selling alternative techniques, optimization of the price policy, the cut of costs by extending the programme meant to lead to saving fuel consumption.

Sursa: http://www.agerpres.ro

Tags: marfa tarom management world managers coordinate selection private air

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