Only Employees Since 2003 Have the Right to Buy Petrom Shares

19. März 2007, 00:00

The Romanian Govenrment and AVAS (The State Assets Resolution Agency) have agreed on a draft decision acording to which...

The Romanian Govenrment and AVAS (The State Assets Resolution Agency) have agreed on a draft decision acording to which only the employees who worked at Petrom after 2003 have the right to acquire shares from the 8 per cent package earmarked for employees, business daily Ziarul Financiar has reported.

"We have received the views of the Ministry of Justice, which defines what is meant by employees. The Ministry of Justice has established employees that have the right to buy up to 8 per cent of the stake are those employed by Petrom between the date when the law that awards them this right is published and the publishing of the Government decision which will enable the sale, which is our (The AVAS) view, as well," said the president of the AVAS, Teodor Atanasiu.

The employees will pay the same price paid by the Austrian group OMV during the privatisation, of RON 0.178 per share, three times lower than the current price on the Bucharest Stock Exchange.
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