Intercontinental’s stockholders are called to vote on the issue on October 24.
The hotel operator didn’t say how much it plans to pay for the shares.
Monday, Intercontinental’s shares closed up 11.41% at 0.0947 lei (EUR0.0221) in Bucharest. At this price, the 10% stake is valued to RON7.8 million (EUR1.8 million).
Intercontinental has a share capital of RON83.3 million, split into 833.5 million shares with a face value of RON0.1.
The company swung to net profit of RON1.9 million in the first half, from a loss of RON9.5 million in the same period of 2010.