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Transgaz manager seals 1.2m-RON contract with his own company

18.04.2010, 19:32 23

Transgaz Medias (TGN) last month signed a contract worth 1.2million RON excluding VAT for transportation services with BATMedias (BAME), held by the very general manager of the natural gastransmission company, Florin Muntean. He holds 77% of BAT Mediasand was appointed at the helm of Transgaz around six months ago.Transgaz on the other hand is state-held. The transaction wasreported on the Stock Exchange, where Transgaz is listed, withstock exchange regulation requiring that investors be informedabout any transaction conducted by a listed company with insidersor with people within the group. The contract was awarded to thecompany held by the Transgaz manager in a public tender, reads thereport. Florin Muntean could not be contacted for commentyesterday. "If this is an auction we are talking about, whichshould be a transparent procedure, then this was the best choicefor Transgaz," believes Mihai Ion, head of Raiffeisen AssetManagement. Over the last few years, BAT Medias has seen itsturnover constantly rise, and reach 23.6 million RON (5.7 millioneuros) in 2009, with the company boosting its net profit by 91%, to6.4 million RON (1.5 million euros) last year. Transgaz posted a298.6 million-RON (70.2 million-euro) profit last year and a 1.18billion-RON (277 million-euro) turnover.

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