Romstal Group, specialising in sanitary ware, thermal andelectrical products production and distribution, was valued atabout 390m euros, after Enrico Perini, the company's mainshareholder and founder, transferred the 51% stake he held in thegroup to a firm specialising in holding operations.
The 51% stake was put at around 825.7m RON (around 195m euros),according to PwC consulting and audit firm.
This is the first assessment Romstal makes public, withestimates only based on the profit margin being launched sofar.
Thus, Perini, 42, brought 825.7m RON (around 195m euros) to theshare capital of Perini Land Holding firm created to boost theefficiency of the business. Directly, the businessman thus controls99.9922% in the company, while Perini Properties & Investmentsowns below 1% in capital.
The contribution to this company's capital is represented by thevalue of shares Perini holds in Romstal group, transferred from theindividual to the legal entity. The rest of stock is held byItaly-based Framan firm (40%) and by Ovidiu Henter, CEO of Romstalgroup, with a 9% stake.
Assessed at around 390m euros, Romstal group may be among the 50most valuable companies in the country, taking into account "MostValuable Companies in Romania Yearbook" compiled by ZiarulFinanciar together with Capital Partners investment firm. Theyearbook does not assess the value of holdings, though.
Romstal group's turnover in 2009 fell by 35% year-on-year, to350m euros, on the sudden decline in consumption ofthermo-hydro-sanitary building materials.
Under the circumstances, the group in 2009 shifted tostrengthening its business and to foreign expansion. Moreover,Perini also expanded the range of fields Romstal group operates in,adding that of renewable energy.
Perini has recently told ZF he did not expect consumption on thebuilding materials market to pick up earlier than 2013 and that heconsidered operating investments in other countries where"entrepreneurs are more welcome".
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