The Government approved on Monday, by decision, mandating the Ministry of Finance to purchase a number of 1,280,000 shares held by the Post-Privatization Foundation at the Romanian Counter-Guarantee Fund (FRC).
"The Ministry of Finance is mandated to purchase a number of 1,280,000 shares held by the Post-Privatization Foundation at the Romanian Counter-Guarantee Fund S.A., an acquisition intended to capitalize on an opportunity that can support both the property policy of the Romanian state, as well as the other types of shares related to it. We mention, in this regard, the protection of equity and the provision of the necessary measures for its recovery", a Government release reads.
The transfer of ownership of the shares, respectively the purchase of the shares, according to the Regulation for the capitalization of the package of 1,280,000 shares held by the Post-Privatization Foundation in FRC, is carried out only after the Romanian state, through the Ministry of Finance, pays the amount of 17,850,000 lei, the cited source informs.
The purchase of the Post-Privatization Foundation's stake in the bankruptcy procedure of this foundation is carried out at a price below the nominal value, respectively below the market value (according to the valuation report) of the FRC shares, according to the press release.
As additional information, the Government specifies that the Ministry of Finance exercises the capacity of shareholder on behalf of the Romanian state in the Romanian Counterguarantee Fund.
Thus, the share capital of the Fund, subscribed and fully paid by the shareholders, is 400 million lei, divided into 4,000,000 registered shares, with a nominal value of 100 lei each, constituted by the cash contribution of: the Romanian state, through the Ministry of Finance, with a cash contribution of 272 million lei, corresponding to 2,720,000 registered shares with a value of 100 lei each, representing 68% of the share capital; the Post-Privatization Foundation, with a cash contribution of 128 million lei, corresponding to 1,280,000 registered shares with a value of 100 lei each, representing 32% of the share capital.
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