Moldovan state willing to sell block of shares held at Savings Bank

The state is willing to put to sale its 33.33 per cent quota of stock held in Banca de Economii (Savings Bank), according to the list of state assets subject to privatization, to be discussed by the Government on 11 September.

The nominal price of one share is 5 lei, thus the cost of all the 13 172 436 shares still owned by the state is almost 66 million lei. Yet, the possibility that a higher price will be demanded is not ruled out, experts say.

The state lost control of Banca de Economii, after 29 august, when a foreign capital company, Integrated Informational System, had bought over 20% of the bank’s shares, as a result of an additional share issuance worth 80 million lei. The government remained with a blockage stock of 33.33% plus one share. The investor had already held a block of shares from Banca de Economii, and as a result, it increased its stake in the bank’s capital up to 33.72%.

The deputy head of the National Financial Market Commission, Iurii Filip, said that the additional share issuance on 29 august had been perfectly legal, and the Government’s decision was not to participate in the bank capitalization, followed by the state’s capital quota reduction. “It is not an ideal solution. We hoped that another way would be chosen. First the bank had to recover, and then a tender had to be organized in order for it to be bought by an international investor”, said governor of the National Bank of Moldova, Dorin Dragutanu.

In a press release, bank representatives said that “following the issuance that has been carried out, as well as private investors’ contribution amounting to 1 billion, the total regulatory capital of the bank will increase essentially, allowing for an increase in market value of the state’s block of shares, without financial cost on behalf of the state”.

For more years, the Savings Bank has been on the list of companies that are to be privatised, and during the last 5 - 7 years, the Moldovan authorities had even a commitment to the International Monetary Fund. After the state remained with 33% of the stocks, even if this is a blockage stock, it will try to sell its block of shares, more economists said after the additional issuances.

Other companies, such as AIR Moldova, North and North-West Electric heating networks, the North thermo-electric power station, Aroma Plant, the state-owned Tutun CTC (Tobacco CTC) block of shares, Vinuri Ialoveni (Ialoveni Wines), etc. were included in the List of state assets subject to privatization, to be examined by the government on 11 September.

Adapted from


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