The buyer is said to be Finnish investment fund KJK Fund II, which was reported also on Monday as holding a 5.5% stake in Cemacon, after a set of acquisitions made last week. The increasingly significant transactions with Cemacon shares have doubled the price of shares in the past week.
Monday’s transaction, conducted at a price of RON0.05 per share values the company at RON13.14 million (slightly over EUR3 million). The company’s share price rose on Monday as well, closing at RON0.0522.
Cemacon is one of the most indebted companies on the Bucharest stock exchange and this has strongly affected its results in the past few years.
Last year Cemacon had a loss of RON11.14 million, although its turnover rose 26% to RON34.58 million. Cemacon’s shareholders also include Broker Cluj and Andrei Cionca, founder of Casa de Insolventa Transilvania insolvency firm.
Finnish investment fund KJK, which manages assets of around EUR350 million, also bought 5.8% in Rompetrol Well Services (PTR.RO) and 6.3% in Teraplast Bistrita (TRP.RO) last year.
(English version by Daniela Stoican)