ECONOMY

Cosmorom appraisal soon

BUCHAREST (Reuters) – Romania expects next month the outcome of a Citibank evaluation on ailing Cosmorom, the mobile arm of fixed-line firm Romtelecom, majority-owned by Greek OTE, Communication Minister Dan Nica said yesterday. Earlier this year, Romtelecom selected Citibank to assess the possible sale of Cosmorom, which has less than a 2 percent share of the Romanian mobile market. «I expect the selected bank will present the assessment after June 1,» Nica told a news conference. The minister had said that several companies were interested in buying Cosmorom, which needs investments of up to 150 million euros ($179 million) if it is to become competitive. Cosmorom has liabilities of around 190 million euros and OTE officials have said they were considering shutting it down while keeping the mobile license in Romania.