One of the first Romanian entrepreneurs to have made a lot of money after the Revolution, George Copos, has decided to take a step on the path trodden by modern capitalists. Copos wants to waive a slice of his hotel business to other investors, by listing it on the stock exchange. This way, Copos will have the opportunity to learn just how much his business is worth to the world.
The businessman is planning to list some of the Ana Hotels shares next year, on the Bucharest Stock Exchange. The company holds six hotels, including the Bucharest-based Crowne Plaza. The other hotels are: Astoria and Europa in Eforie Nord (seaside resort) and three hotels in Poiana Brasov (mountain resort): Poiana, Bradul and Sport.
Copos runs businesses in various fields, from electronic devices to electrical engines (Ana Imep Pitesti - a company that is already listed on the RASDAQ market). At the beginning of the year, the Ana Group officials said the business was worth about 100 million dollars, according to internal assessments.
Copos is now planning to list Ana Hotels on the stock exchange. George Copos is the main shareholder of the company, through Ana Group, which holds an almost 80% stake. Another significant shareholder of Ana Hotels is Nord SA Bucharest company.
The floating will most likely be done through a capital increase, with the money to be invested in developing hotel complexes, mainly at the seaside. The exact stake to be listed is not known yet.
PricewaterhouseCoopers was retained to audit Ana Hotels, according to market sources.
Copos says he has invested 45 million dollars in tourism so far. According to the businessman, Ana Hotels' revenues will be 40% higher upon listing as compared to this year, with gross profit estimated at four million dollars.
Copos states simple reasons for this listing: increased transparency and attracting funds for investments. "We chose this particular time with Romania's NATO accession in mind and the stronger recovery of the bourse, which will be surely influenced by this event," the businessman told Ziarul Financiar.
The Ana Group is a family business, Copos adds, while the floating will entail a greater management effort, to please the future shareholders.
"We will do the listing when the market is liquid, as there is still no money. If the net salary of a Romanian were 35 million ROL, then he could save 30% of his income and invest part of it on the bourse," Copos feels.
Although he chose the Bourse to get the money for developing Ana Hotels, Copos says he is not a market player, when it comes to his own money.
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