Romanian Post announces deal for EUR 22.2 mln loan to bolster its working capital

The Romanian National Post Company (CNPR) is to sign several loan contracts which will add EUR 22. 2 million (RON 100 million) to its operating liquidity, according to Mediafax news agency. “The Romanian Post organized a tender for four EUR 4.4 million (RON 20 million) loan portions and two EUR 2.2 million (RON 10 million) loan portions,” according to a CNPR press statement in response to a Mediafax inquiry. “All loan portions have been awarded, with a total cost of EUR 1.95 (RON 8.8 million). Following the signing of the contracts, depending on the agreed terms, we will come back with details on the winning bid.” The corresponding tender participation announcement was published on July 18, on www.-e-licitatie.ro, with a deadline for bid submission on September 3. CNPR is a State-owned company, holder of the largest physical network of postal service distribution in Romania. Its main shareholder is the Ministry of Communications, with 75 percent of the shares, while the Fondul Proprietatea (Property Fund) holds the remaining 25 percent of its share capital. With plans for the privatization of the company underway, according to the draft of a Romanian government decision issued in December 2012, a change of strategy is to take place to attract private investor contributions to the company’s share capital. The respective investor would become CNPR’s majority shareholder (51 percent), with the Communications Ministry and the Property Fund sharing the remaining 49 percent (25 and 24 percent respectively). In 2011, the CNPR reported over EUR 43.1 million in losses(RON 182.9 million), 50.1 percent more than in the previous year, according to the Ministry of Finance. The company has been on a zero profit for three years, and its turnover for 2011 stood at EUR 298.4 million (RON 1. 26 billion), a little less than 9 percent below the 2010 level. At the end of 2011, CNPR’s total debts stood at over EUR 131.4 (RON 556.9 million). The Romanian Post had around 32,000 employees at the time. Ioana Jelea, ioana.jelea@romania-insider.com