English
The listing of Romtelecom on the Bucharest Stock Exchange is a decision that lies with the shareholders of the company Stefanos Theocharopoulos, the new general manager of Romtelecom bluntly said yesterday, refusing to express an opinion on what the listing of the company of the BSE would mean for the management.
"I don"t own the company, I manage it. Taking the company public depends on the discussions between shareholders", Theocharopoulos said.
The Greeks of OTE own 54.01% of "Romtelecom", whereas the Romanian state owns 45.99% of the company, via the Ministry of Communications. The discussions concerning the listing of the company on the Bucharest Stock Exchange have intensified about a month ago, after the OTE officials told the Romanian state that they can not submit a tender for the shares that the Ministry owns in the company, invoking the economic crisis and the strategy of OTE to lower its exposure to debt". The Romanian government had announced ever since last year that it wants to sell its stake of 45.99% in Romtelecom.
Early last month, the representatives of the two shareholders set a schedule for the listing of the company on the Stock Exchange, as it was scheduled to take place in about a year. On Friday, the officials of Romtelecom said that the company has selected law firm Stoica & Asociaţii which would provide it with consulting in the process of evaluating the main options available to shareholders - (either the merger between Romtelecom and Cosmote and the listing of te new entity on the Stock Exchange or the direct listing of Romtelecom).
The officials of Romtelecom said yesterday that the merger is not an "option".
• The stabilization of profits and of investments - the main objective of the new CEO
Stefanos Theocharopoulos, who was appointed in July at Romtelecom, yesterday said that the main goal of his mandate is to stabilize revenues and operating profit.
"Romtelecom has a major potential for growth. I want to stabilize the company"s revenues and operating profit. Also, we will continue investing in the company"s infrastructure", said Theocharopoulos, who added that the investments of the Greek side in Romania have reached 3 billion Euros.
In H1 2011, Romtelecom reported revenues of 332.4 million Euros, down 9%, whereas the EBITDA fell 38.6%, to 51.4 million Euros.
Last year, the company reported earnings before interest and taxes of 292.1 million Euros, after its assets depreciated by 332 million Euros, after a revaluation of the properties, operations and equipment, amid the unfavorable conditions of the telecom market and of the overall economy.
When asked if the company would continue to layoff people, Stefanos Theocharopoulos said that the reduction of the number of employees is not a goal in itself, but rather depends on the financial results.
"What needs to be changed at Romtelecom is how we treat our customers. If my customers aren"t happy, I can"t please the shareholders either", the CEO of Romtelecom said.
Euro
Dolar SUA
Franc elveţian
Liră sterlină
Gram de aur
