The decision comes after the Bucharest Court admitted the request of the Financial Supervisory Authority ASF to open the bankruptcy procedure for the insurer.
The delisting of the company comes less than nine months after Astra was moved from the Rasdaq to BVB’s alternative trading system AeRO market, following Rasdaq’s disbandment. Astra shares were suspended from trading in February 2014, after the company had entered insolvency. AeRO and Rasdaq are both administered by BVB.
Early December 2015, the Bucharest Court approved ASF’s request for Astra’s bankruptcy and appointed KPMG Restructuring SPRL as temporary liquidator.
KPMG Restructuring said Wednesday that it will soon draw up a strategy for the efficient liquidation of the patrimony, through transfer of business of insurance portfolios and the individual sale of the other assets.
On August 26, ASF asked for the bankruptcy of insurer Astra Asigurari, which had been under special administration, after the company failed to raise RON425 million for the share capital hike, while the damage claims would be paid by the Guarantee Fund. At that time, the company had 1.8 million insurers with 2.5 million valid insurance policies.
The Nova Group Investments Romania owns a 72.71% stake in Astra, and Epsilon Estate Provider holds 26.27% of the shares. The two companies are controlled by businessman Dan Adamescu.