CMC to sell its share packages in low-profit companies

Chisinau Municipal Council (CMC) will discuss, at one of the next meetings, selling of several share packages owned by it in enterprises and societies from the municipality. The Financial Management and Internal Audit Department (DMFAI) of Municipal Council made this proposal. DMFAI head Eugenia Ciumac reported that, at municipal councilors’ proposal, it was explored the situation of enterprise and societies where CMC has shares. As result, it was decided to sell different share packages of the enterprises where the municipality’s quota is unessential, in companies with low profit or in which it has no right to vote. Among these are SA „Franzeluta”, where the municipality owns 3.9 % of shares, „Omnia presa” – 11% and „Taxi service” - 36%, the latter having losses of 111,000 lei in 2005. The municipality will auction this share packages at the Exchange Stock in order to collect additional sources to the city coffers. The municipal councilors discussed, in autumn 2005, a decision draft regarding the situation of enterprises where CMC has share packages and proposed organizing an audit control, with the possibility to sell the shares of the enterprises in which its quota is lower than 50%. CMC has shares in 15 enterprises.