According to information published on the website of the lower house of parliament, the bill received 178 votes in favor, exceeding the qualified majority of 166 votes needed for its passage.
The bill was supported by all deputies from the center-left Social Democratic Party (PSD) and the far-right parties Alliance for the Unification of Romanians (AUR) and SOS Romania, as well as several minority deputies, independent deputies and deputies from the nationalist group United for Romania (UPR). The bill, passed by the Senate on May 4, was drafted and initiated last month by 123 deputies, mostly from PSD.
According to the explanatory memorandum, the legislation aims to protect Romania’s national economic interests by halting the sale of state shares during a period of economic and geopolitical uncertainty that could lead to the undervaluation of strategic assets.
The sale ban does not apply to shares held by the state in companies and credit institutions that have recorded losses for five consecutive years or for which a final bankruptcy court decision has been approved. It also excludes shares worth no more than 5 million Romanian lei ($1.1 million/954,326 euros) per legal entity.
The bill also suspends all current procedures for the sale of state shares until December 31, 2027. It will enter into force after being signed by President Nicusor Dan.
The initiative is a response to Deputy Prime Minister Oana Gheorghiu’s initiative to prepare an initial public offering (IPO) of state-owned savings bank CEC Bank, as well as a secondary public offering (SPO) for companies with a controlling stake owned by the state and already listed on the Bucharest Stock Exchange, such as hydropower producer Hidroelectrica [BSE:H2O] and natural gas producer Romgaz [BSE:SNG].
The PSD party and extreme right-wing parties sharply criticized the initiative.
