CE Oltenia will require the shareholders’ agreement at the August 12 meeting to sell the real estate or assets that are not part of the company’s core business, the convocation says.
The company motivates the sale through the necessity to obtain cash flows, but also to get rid of maintenance costs and depreciation worth millions of lei. In fact, CE Oltenia was summoned by some municipalities because of the lack of investments in the maintenance of certain buildings.
Thus, CE Oltenia convenes the extraordinary general assembly for August 12 and will also decide on other assets or court actions on various debtors.
The document asks for the re-mandating of the consortium formed in 2013 by Swiss Capital and BRD to mediate the privatization through public offer by capital increase for “12% of the share capital, plus new issued shares representing up to 3.29 % of the share capital, unsubscribed by existing private shareholders”.
Shareholders have requested the disclosure of the barrier factors in the privatization process, which was launched in 2013 and interrupted in the meantime.
At the same time, the management will present the current state regarding the acquisition of CO2 greenhouse gas emission certificates (EUA type), “information requested by the majority shareholder”, – which is the government through the Ministry of Economy. At present, the share capital is only 280 million euro. The shareholders are the Romanian state, represented by the Ministry of Economy (77.15%), Fondul Proprietatea (21.56%), ELCEN – Electrocentrale Grup (0.84%) and the Mine Closing and Conservation Company (0.44%).
