State secretary: Investment funds show interest in Oltchim privatization

Two investment funds, including a U.S.-based one, are interested in buying stakes in Romanian chemical company Oltchim Ramnicu-Valcea, should it be privatized, according to Karoly Borbely, state secretary within the local Economy Ministry, quoted by Mediafax newswire. "The state wants to privatize Oltchim by selling the majority stake. There already are two investment funds interested in buying stock," Borbely told a news conference held by the Azeri Embassy in Bucharest. Talks held last week between local authorities and the International Monetary Fund included the launch of Oltchim and Cuprumin privatization processes, along other proposals to sell stakes in state-owned energy companies. The Romanian Economy Ministry owns 54.79 percent in Oltchim, while the German PCC group holds a 12.16 percent stake. Mediafax