ZF English

Eforie sells assets to pay for modernisation

23.03.2006, 00:00 7

Turism, Hoteluri si Restaurante Marea Neagra (Black Sea Tourism, Hotels and Restaurants - THR), the former Eforie company, has put on sale 35 tourism assets for which it is asking at least 18.1 million euros.

The value of assets that are going to be sold is approximately equal to the market capitalisation of the company. The accounting value of Eforie amounts to 59 million euros.

The money that will be collected from these sales will be used for the modernisation of the other assets held by the company.

The most important assets put up for sale are the Alfa and Beta hotels of Saturn, which together with the associated land, are evaluated at a minimum sale price of 4.7 million euros.

The company will ask for at least 2.8 million euros for the Gama hotel in Saturn and the surrounding plot of land, while the Mercur restaurant in the same resort and the associated land will be sold for at least 1.388 million euros. The asking prices do not include VAT.

The company has gradually sold assets worth several million euros over the past years. The National Securities Commission (CNVM) had even started investigating some sales, without making the outcome public so far. Turism, Hoteluri si Restaurante Marea Neagra is the company that was created following the merger by absorption by Eforie of Carmen Silva, Miorita, Estival, Venus and Saturn companies.

"The restructuring emerged as a necessity in the wake of the merger. To have a more profitable company, we had to conduct a financial, managerial and an asset restructuring. We''ve chosen to focus on the modernisation of the main assets.

Thus, the money we could raise could be used for investments in the most important assets left in our portfolio," says Florian Firu, deputy general manager of SIF Transilvania, the company that owns a stake of more than 86 percent in Eforie.

Minimum sale prices were set based on appraisal reports drawn up by independent evaluators, which were analysed by SIF management, as well, Firu added.

"The main assets of Turism, Hoteluri si Restaurante Marea Neagra are the Hora, Balada, Cerna and Sirena three-star hotels in Saturn, the Union three-star complex in the resort of Eforie Nord and Miorita, and the Raluca and Brandusa two-star hotels in the Neptun and Venus seaside resorts," specified Narcisa Mosoiu, deputy general manager of Eforie.

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