AVAS launches the IAR Ghimbav privatization

Sursa: Standard.ro | Publicat: 21 apr 2008, 14:39

The Authority for State Asset Recovery (AVAS) announced the sale of 12,250,488 shares or 64.89 percent of the share capital of aircraft producer IAR SA Ghimbav.

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The privatization of IAR Ghimbav will be carried out through final, improved and irrevocable offer negotiation. AVAS submitted IAR SA Ghimbav privatization documentation to the Competition Council and the European Commission (EC). Consultations with the EC were intended to ensure that the privatization process is transparent, based on European legislation, and to ensure there is no suspicion of state assistance.

To evaluate offers submitted by investors, 95 percent of final points will be based on the share package price, and 5 percent on investments for development.

One essential condition to participate in the bidding is a 5-year investor business plan, which must include financing sources and a plan for the development of defense production. The final decision on the transaction rests with AVAS. (NewsIn)

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