January 13th lucky for Republica?

The lack of investors interested in taking over the state-held interest in piping maker Republica Bucharest has made the Privatisation Authority (APAPS) extend the bid submission deadline by January 13. The deadline had been initially set for mid December last year, but no investor had voiced interest in the former Malaxa piping plant by that time. The documents for participating in the tender based on negotiations over the final, improved and irrevocable bids will be opened on January 14. The state holds 99.54% in the company through the APAPS and AVAB (Banking Assets Resolution Authority). The potential buyers are required to have at least five years experience in production and/or marketing of hot rolled steel pipes and specialise in production or marketing of drill pipes. The interested investors will be shortlisted for negotiations only if they make at least $30 million in annual turnover in the required field. Another participation condition is ensuring an outlet for at least 50,000 tonnes of pipes a year and 5,000 tonnes of drill pipes, with at least 60% of these amounts exported. The company is undergoing a special administration procedure and was first put up for privatisation by the former State Ownership Fund in 1999. Republica has 173bn ROL in share capital and posted 378bn ROL losses last year, while turnover reached 337bn ROL. ZF