TBIH, the financial services arm of Kardan, the Israeli group, is interested in taking over the Bucharest-based International Leasing company, and two of the three other branches opened outside Bucharest, market sources told ZIARUL FINANCIAR.
International Leasing shareholders late last week decided to delist the company''s stock from the RASDAQ.
According to current data the company has branches opened in Iasi, Brasov and Pitesti. Shareholders unwilling to stay with the company will have the possibility to withdraw, with the withdrawal price standing at 0.2139 RON/share, calculated in line with the assessment report carried out by an authorised expert. Against this price, the company is evaluated at 4.43 million euros.
If calculated at the latest price, the company''s market capitalisation stood at 4.35 million euros. The quoted sources state that TBI plans to acquire the company after it has been delisted and the value of a possible deal should range between 4 and 5 million euros. International Leasing officials chose not to make any comments by the time this story went to print. Efraim Naimer, TBI Holding representative for Romania, said there were certain leasing companies on the market he is "checking out", including International Leasing. "Nothing is final, yet," he mentioned, though.
"The company''s floatation has not had the effect that was initially intended, namely to lure investors and raise capital. From the latest discussions we''ve had with various potential investors, we''ve noticed they have a certain reluctance when it comes to investing in open companies," reads the report the company sent to the RASDAQ.
In line with the latest information, Ioana Necula, general manager and founder of the company, owns 79 percent in stock, while Eugen Voicu, chairman of Certinvest company, holds, through direct and indirect interests, a stake of around 15 percent, with the rest of the stock belonging to other minority shareholders.
For 2005, International Leasing estimated that turnover would reach 50 million RON (more than 11 million euros).
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