British Carlson Ventures International considers selling its share in Oltchim

Newsroom 20/09/2011 | 16:32

British investment fund Carlson Ventures International which owns 14 percent of local chemical products manufacturer Oltchim – currently undergoing a privatization process- has announced that it considers selling its share in the company.

Carlson Ventures International announced in a press release that its management is worried about Oltchim’s worsening financial situation and climbing debts. Also, the actions taken by the Romanian authorities in the past months, including the decision to recruit private management for state companies, has led the British investor to believe that the privatization process will be “considerably” delayed, if not canceled.

“If the Romanian state – which is Oltchim’s majority shareholder- doesn’t change its attitude and doesn’t allow the urgent implementation of the reorganization plan which is of utmost importance, and if it will not advance the privatization process, Carlson Ventures will consider selling its share in Oltchim,” reads the company’s press release.

The British investment fund became a shareholder in Oltchim this May, through Nachbar Services Limited, an off-shore in Cyprus, after reaching an agreement with German PCC which owns 18.2 percent of the chemicals producer.

Simona Bazavan