Tarom prepares 20 percent listing on the BVB

Newsroom 16/12/2011 | 17:20

A consortium of Carpatica Invest and Swiss Capital will act as intermediaries for the secondary public offering (SPO) of 20 percent share package in Tarom, Romania’s public airline company, on the Bucharest Stock Exchange (BVB). The package represents 20 percent of Tarom’s share capital. This is the first step in the privatization process of Tarom, agreed by the Romanian Government and the IMF.

The intermediary consortium will have two months to elaborate the book building and will finalize the public offering within three months from December 15, when the contract was signed.

The selected consortium, that reduced its commission demand by more than 50 percent during the selection process, will receive a 1.99 percent commission of the transaction value.

Tarom reported revenues of EUR 306 million in 2010, and registered net losses of EUR 79 million. The company transported 2.1 million passengers, holding a 22 percent market-share.

Ovidiu Posirca