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The state becomes majority shareholder with the Naval Shipyard DMHI Mangalia with 2% in free of charge concession
Damen will acquire51% of the shares of the joint company Daewoo Shipbuilding &Marine Engineering (DMHI)created with the Naval Shipyard 2 Mai Mangalia, then will concession free of charge to the Romanian State 2% and thus the state (which has already 49%) will take over the majority shareholder package, the shareholders of the company decided on Monday.
‘Damen will transfer to SN 2 Mai SA a package of shares representing 2% of the social capital of the joint company.There follows, as a result of this transaction, the structure of the shareholding to become:51% SN 2 Mai (owned by the Romanian state, through the ministry of economy) and 49% Damen. The transfer will be made free of charge and no conditions will be included’ the press release of SN 2 Mai Mangalia sent to the Stock Exchange Bucuresti.
At the same time, the DSME debts to DMHI worth approximatey 830 million dollars are transferred to Damen for the sum of 10,000 US dollars.’after the free of charge transfer mentioned before ‘ Damen commits to transfer to SN 2 Mai SA a percentage of 51% of the value of the debt ( representing approximately 423 million US dollars)’ in exchange for the sum of 5,100 US dollars’ the press release reads.
The ministry of economy announced on Thursday that they finalised the negotiations with Damen Shipyards Group, thus the Romanian state become majority shareholder with 51% of the shares at the Santierul Naval DMHI Mangalia.
The ministry of economy Danut Andrusca stated that he was satisfied that the negotiations were finalised with success for the Romanian party and said that, as majority shareholder the Romanian state will be able to protect the workforce highly qualified at the naval shipyard.
‘It is for the first time in the last 28 years when the Romanian state takes over control over a privatised strategic industrial unit. As majority shareholder we can protect efficiently the interests of the Romanian state and we can protect the highly qualified workforce at the Naval Shipyard’ stated Danut Andrusca.
The Daewoo naval shipyard in Mangalia was set up in 1997 as a joint-venture between Daewoo and Santierul Naval 2 Mai Mangalia.