Shares held by state in 28 companies, to participate in share capital of Sovereign Development and Investment Fund (bill)

The shares held by the state in 28 companies will participate in the share capital of the Sovereign Development and Investment Fund (FSDI), representing a contribution in kind worth 10,112 billion lei, according to a draft Government Decision published by the Ministry of Public Finance. 

The total share capital of FSDI is initially set at 19,112 billion lei and consists of a cash contribution of 9 billion lei coming from privatization revenues and a contribution in kind represented by nominative stock packages worth 10,112 billion lei, held by the state within the 28 economic operators. 

The shares held by the state will make up the FSDI capital in the following companies: Engie Romania, Electrica, Delgaz Grid, E.ON Energie Romania, Chimcomplex, OMV Petrom, Telekom Romania Communications, Romanian Lottery, IAR, Oil Terminal, Romgaz, Hidroelectrica, Bucharest Airports National Company, Nuclearelectrica, National Imprimeria, Conpet, Timisoara International Airport Traian Vuia, Spa Treatment and Recovery Society TBRCM, Danube River Basin Administration, National Company for Boiler Control, Lifting Pressure Vessels' Company, Cuprumin Abrud, National Salt Society, Romaero, Constanta Ports Maritime Administration, Navigable Canal Administration, Antibiotics and Unifarm National Company. 

The Chamber of Deputies adopted the Law on the Establishment of the Sovereign Development and Investment Fund - SA in its meeting on 6 June 2018 as a decision-making chamber. The legislative act was, however, declared unconstitutional by the Constitutional Court on 18 July 2018, given the individual character of the law and the fact that, according to Law no. 15/1990 on the reorganization of the state economic units as autonomous administrations and commercial companies, "the economic units of republican interest are organized as commercial companies through a Government decision."