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Seven companies competing to take over IAR Ghimbav aircraft maker

Seven companies, among which Aero Vodochody from the Czech Republic that took over Romanian aircraft maker Avioane Craiova, French giant Eurocopter, UTI Systems controlled by businessman Tiberiu Urdareanu and SC Grivco SA Bucharest controlled by Dan Voiculescu are vying to take over IAR Ghimbav aircraft maker based near Brasov (120 km north of Bucharest), AVAS Privatization Authority announced.

Two small Romania companies, namely SC Rups SA of Brazi (north of Bucharest) and SC RO Mike Trade SRL Bucharest, and Marcovici Capital Ltd from Israel are also among the seven competitors. AVAS sells 65 percent of IAR Ghimbav's stock. The Company will be privatised through negotiations, based on improved and irrevocable final offers and the offered price will weigh 95 percent and the investments in the Company's development represent 5 percent. At the request of Eurocopter and SC UTI Systems SA, AVAS extended till Sept. 15 the deadline for the submission of firm purchase offers for IAR Ghimbav, with such deadline being required for the finalization of the internal audit the Company is currently conducting. The privatization process of IAR Ghimbav was resumed on this April 21, after the privatization proceedings that started in 2006 had not been completed, AVAS said. It deals with the privatization offer AVAS made in 2006 when Europoter SA France was the sole bidder interested in IAR SA Ghimbav. During the proceedings the negotiation commission was permanently asking the bidder to improve its bid and had successively protracted the offer's validity by 30 days, each time. Oct. 21, 2007 was the last protraction of the bidding that the law in force allowed. The bidder failed lodging the improved and irrevocable final bid at the AVAS hqs, and the privatization agreement could not be reached. IAR Ghimbav is an open company whose shares are traded on the capital market. The aircraft maker posted losses of 1.3 million euros in Q1 of this year, compared to the net profit worth 874,000 euros during the same period a year before. IAR Ghimbav was founded in 1925 and it put out famous fighter planes such IAR 80 and IAR 81 that used to fly in WWII. AVAS holds 64.89 percent of the Company's stock. The Brasov-based Company manufactures and repairs aircraft. Among other shareholders are the Labour Ministry holding a 7.35 percent stake, Financial Investment Company SIF Transilvania (4.57 percent) along with several individuals (17.25 percent) and other companies (5.9 percent). The Company is listed on the Bucharest Stock Exchange and its capitalisation amounts to 75 million lei (21 million euros). Sursa: http://www.rompress.ro

Tags: privatization percent company bucharest maker companies seven ghimbav aircraft sif