Romania: DMGI Mangalia will once again have a majority of capital owned by the state

The Ministry of Economy said that the state has completed the negotiations with Damen Shipyards Group, with the terms of the deal moving the DMGI Mangalia shipyard back into public hands.

According to the approved provisions, Santierul Naval 2 Mai S.A. Mangalia will give up the pre-emption right regarding the acquisition of the stake held by Daewoo Shipbuilding&Marine Engineering to Daewoo Mangalia Heavy Industries S.A. Mangalia. Next, Damen Shypyards Group will divest for free towards Santierul Naval 2 Mai S.A. Mangalia a 2 percent stake.

As a result of the transactions, Santierul Naval 2 Mai will have 51 percent in the shipyard, while Damen will hold the rest.

“It is for the first time in the last 28 years when the Romanian state takes control of a privatized industrial strategic objective,” said Danut Andrusca, the minister of economy.

The Ministry of Economy said that an offer will be submitted on Thursday.

 

 

Source: Business Review.

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