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Three companies submit bids to take over Avioane Craiova

Authority for State Assets Realization (AVAS) has received three bids for the acquisition of a package of 80.9 percent of Avioane Craiova share capital, AVAS informs in a release, remitted to Rompres.

Interested companies in the taking over are AleniaAeronautica Italy, AERO Vodochody - Czech Republic and SC INAV SA Bucuresti, Romania. According to AVAS, when evaluating the investors' bids, 95 percent of the final score is given by the share package price, three percent - investments for development and two percent - working capital. As well, a mandatory condition for participating to negotiations is the presentation of a business plan by the respective investor, spanning on a 3-5 year period. The plan must contain the financial sources and the development plan of the defence production and, according to the law, AVAS must decide upon the conclusion of this transaction. AVAS included in the framework project of the buying contract mandatory and non-negotiable clauses referring to the defence industry and of the other normative acts referring to the national economy and country's territory preparedness for defence. AVAS put on sale 80.97 percent of the company's stock. Privatization is to be carried out through negotiations based on final bids, improved and irrevocable. Avioane Craiova SA was set up in 1972, having as the main activity object aircraft construction an repair. ACV is the unique military aircraft producer of the Romanian air industry and of the school and training plane IAR 99 SOIM, compatible with NATO standards, destined to the Romanian Armed Forces. Sursa: http://www.rompress.ro

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