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SIF Transilvania sells 10% in Eforie

18.09.2003, 00:00 12



SIF Transilvania on Tuesday sold a 10% stake in tourism company Eforie SA on the Stock Exchange. The stake was transferred for 20.7 billion ROL (0.6 million dollars). The shares were sold within two separate transactions, for a price of 2,850 and 2,900 ROL/share, 10% higher as compared to prices of the other transactions concluded on the bourse. The buyer was a foreign investment fund, whose name will be announced in the next few days. SIF Transilvania owned 95% in Eforie and announced its intention to sell part of its stake in late last year, when the company was floated on the Stock Exchange. "We plan to continue selling stakes in Eforie, so that our interest should come to at least 51%," stated Mihai Fercala, SIF chairman. Capital market legislation, however, does not allow the company to sell other shares within the next six months unless it puts out a public offering. SIF held over 90% in Eforie, so that it had to launch an offer in view of delisting. Still, Fercala says that SIF Transilvania is not interested in delisting companies in which it holds stake, as another reason behind the transaction was to secure a liquid market for the company's shares. As a matter of fact, SIF Transilvania is the first shareholder holding over 90% in a company that sells part of its stake in order to keep the respective company listed. Eforie owns 11 hotels in Eforie Nord and registered H1 turnover worth 15.7 billion ROL (nearly $500,000), 49% higher as compared to the first half of 2002. ZF



 

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