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Minister Sova: Insolvency is Fondul Proprietatea's alternative to Romanian Post's capitalisation
Fondul Proprietatea (FP) is preventing the capitalisation of the Romanian Post (Posta Romana National Company, CNPR), the alternative submitted by the minority shareholder to saving the national postal operator being the company's insolvency, the Ministry of Communications and Information Society (MCSI) informs on Wednesday in a release..
On Wednesday, the Communications Minister Lucian Sova called a meeting with the FP's delegation, the CNPR's minor shareholder to present the last actions unfolded for the capitalisation of the national postal operator and make a last effort to draw the Fondul Proprietatea in the capitalisation process.
"The today's talks (Wednesday, ed. n.) have failed. Johan Meyer, portfolio co-manager in Romania of the FP has suggested as an alternative to capitalisation the insolvency of teh company, despite the Romanian state's efforts to invest RON 170 million in the CNPR's capitalisation and the fact that this year the company will end in the black. The FP's suggestion was firmly turned down by the Communications Minister, Lucian Sova who maintains that the recovery of the Romanian Post will be done despite the Fondul Proprietatea's obstruction, and the capitalisation process will go on. Moreover, Lucian Sova specifies that the FP proves lack of pro-activity, in backing its shareholders' interests, included," the MCSI release reads.
Fondul Proprietatea sued the Romanian Post (CNPR) in October because the latter had changed three members of the Board, but CNPR won the trial vs its minority shareholder. The relevant ministry (MCSI) stresses that the FP had challenged the change of the three board members, although none of them, was appointed by the Fondul Proprietatea.
MCSI says that in the 2018 state budget a sum of RON 170 million was allocated for the CNPR's capitalisation, as the state's share, proportional to its share capital in the company, and the other shareholders could participate in the share capital's increase proportionally with their share.
"We are very determined to defend the Romanian state's interest in the companies we are shareholders. I won't allow any negligence from the management of the MCSI portfolio's companies, a negligence that could switch to an advantage for the competition," minister Lucian Sova said.
On Wednesday too, minister Sova met with a delegation of the European Bank for Reconstruction and Development (EBRD) to find a financing programme for the Romanian Post. The sides set up the commencement of certain approaches for new financing lines for the company, which other institutional and commercial financiers would contribute to. For this, they both agreed to give up exclusiveness, so that talks with other financiers could be opened.
The Romanian Post is 75pct controlled by the Romanian state through the MCSI and 25pct by Fondul Proprietatea.