Argus bought the stakes held by regional investment fund SIF Oltenia (SIF5.RO) and private equity firm Romanian Equity Partners Cooperatief, which exited Comcereal’s shareholding structure.
Following these transactions, Argus has increased its stake in Comcereal Tulcea to 95.14%, compared to 58.82% previously.
Argus is controlled by SIF Oltenia, which owns roughly 56% of the company’s shares.
SIF Oltenia Tuesday sold its 22.74% stake in Comcereal Tulcea for a little over RON5.1 million (EUR1.1 million), according to data sent Wednesday to the Bucharest Stock Exchange by brokerage firm Voltinvest in Craiova, which brokered the deal.
Romanian Equity Partners Cooperatief, registered in The Netherlands, also sold Tuesday its 13.54% stake in Comcereal for over RON3 million (EUR687,000).
Shares were sold at a price of RON6.9/unit, almost double the last trading price of RON3.5/unit on the stock market last Tuesday. Considering this price, the company has a market capitalization of nearly RON22.6 million (EUR5 million).
On the Bucharest bourse Tuesday, Comcereal Tulcea traded up 80.29%, at RON6.31 a share.
Comcereal reported turnover of RON2.1 million in the first nine months of 2013, nearly five times lower from RON10.6 million in the year-earlier period. Its loss rose almost four times to RON1.3 million, from RON346,000 in the first nine months of 2012.