The Authority for State Assets Recovery-AVAS in Bucharest has selected Saudi-based Al Arrab Contracting Company Ltd. For the takeover of 62.82% of Romanian company Electroputere Craiova,, an AVAS press release says. The next phase in the Electroputere privatization process, which is based on final offer negotiation, is the negotiation of contractual clauses.
According to AVAS, Al Arrab Contracting Company is experienced in railway construction, industrial machines production, construction works operations.
AVAS put on salw 62.82% of Electroputere on February 20 this year. Five companies showed interest in the privatization of the Craiova-based company:: A5 Invest Caransebes and Grup Feroviar Roman from Romania, Vienna International Holding from Austria, Al Arrab Contracting Company from Saudi Arabia and Peeker Atomic Energy System - US.
Once the documentation was analyzed three offers remained in competition: A5 Invest Caransebes, Grup Feroviar Roman and Al Arrab Contracting Company.
Electroputere Craiova, an engines and generators producer, was put on sale no less than six times so far. Established in 1949, it was split into seven separate companies in 1990 but they reunited to form the current holding SC Electroputere SA in 1994.
HotNews.ro, Jun 12, 2007
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