AVAS: Two companies submit offers for privatisation of IAR Ghimbav

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Two companies, Aero Vodochody (the Czech Republic) and Marcovici Capital Ltd (Israel) submitted offers for the privatization of company IAR Ghimbav, according to information supplied by the State Assets Resolution Authority (AVAS).
According to the aforementioned source, in about 45 days the winning company will be announced after the examination of the technical offer and subsequently of the financial offer.
 
As many as 7 investors were interested in the privatization of IAR Ghimbav.According to AVAS, the privatization process of IAR Ghimbav was resumed on April 21, 2008 after the privatization procedure, which had started in 2006, was not finalized.
It is about the privatization offer of the State Assets Resolution Authority of 2006, when the only bidder interested in IAR joint stock company Ghimbav was Eurocopter France. Within the procedure, the negotiation commission has permanently requested the bidder Eurocopter the improvement of the submitted offer and has successively extended with periods of 30 days the validity term of the offer until October 21, 2007.
 
This was the latest prolongation of the offer allowed by the incumbent legislation. Until that date, the bidder did not submit the final improved and irrevocable offer at the headquarters of the State Assets Resolution authority and the privatization contract could not be concluded.
IAR Ghimbav is an open company whose shares are traded on the capital market. The State Assets Resolution Authority has at present a stake of 64.89% in the company. The Brasovbased company’s core activity is the construction and repair of aircraft.
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