Romania gave preliminary approval for Saudi Arabia’s Al Arrab Contracting Company Limited to buy loss-making, state-owned electrical equipment maker Electroputere Craiova, officials said yesterday.
New European Union member Romania is making its sixth attempt to sell a 62.8 percent stake in Electroputere, an industrial enterprise dating back to communist years, with debts estimated at 40 million euros.
(Reuters, 13/06/2007)