[Intl-tobacco] Romanian Tobacco Firm Sold to Mystery Group

[rob@essential.org]

State tobacco firm
sold to mystery group
by Irina Popescu
Bucharest Business Week Online
26 January 2004
Vol. 8, Nr. 2

Romania's troubled National Tobacco Company (SNTR) was sold for about 12
million
Euro last week to a new consortium of which few details are available. The
Privatization Authority sold the majority 56.4 per cent stake in SNTR to a
Tobacco
2003/UE consortium, including Italy's CTS and Galaxy Energy International.
The
buyer will pay some 6.3 million Euro for the shares package and investments
and
cover debts of 5.5 million Euro. In view of this privatization the
Government has
erased budgetary debts totaling some 1,000 billion lei (about 24 million
Euro).