Romtelecom plans

BUCHAREST (Reuters) – Romanian fixed-line carrier Romtelecom, majority owned by Greece’s OTE, will be floated on the Bucharest bourse next year, Romtelecom General Manager James Hubley said yesterday. Romania’s centrist government that came to power in December plans to complete by 2006 the privatization of Romtelecom and has also expressed a willingness to relaunch the company’s struggling mobile phone arm Cosmorom. «We’ll be actively engaged in preparing Romtelecom for the government initial public offering in 2006,» Hubley told reporters. He also said a solution for Cosmorom was expected within six months. Romania and OTE signed a $243 million deal in 2003, giving the Greek telecom firm a controlling stake in Romtelecom, its biggest investment abroad.

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