Ciorcila developed Banca Transilvania using capital market mechanisms, namely capital increases and convertible bond issues, turning the local bank into a top national lender.
Second in the ranking is insurer Astra (ATRA.RO) controlled by the Adamescu family, with a market value of EUR130 million. The company stock last traded in December 2012. The lack of transactions casts a doubt on Astra’s valuation. Its real value may be higher, considering Astra has consolidated its insurance market leader position over the past few years.
Another Adamescu company, Unirea Shopping Center (SCDM.RO), ranks fourth among the most valuable Romanian companies on the stock market, with EUR45.5 million capitalization. Traded volume is rather low in this case, too.
Third leading company is Banca Carpatica (BCC.RO) controlled by Sibiu businessman Ilie Carabulea. The bank stock has risen 90% in the past year, putting it on the fifth position among the most profitable stocks and driving its capitalization to EUR48 million.
Pharmaceutical wholesaler Ropharma Brasov (RPH.RO) ranks fifth by market capitalization, EUR42.4 million, followed by Aerostar Bacau (ARS.RO), EUR41.1 million.
A further 23 companies are valued at EUR10 million to EUR40 million. The most valuable 50 companies controlled by Romanian investors have a capitalization of EUR1.6 billion.
Back in 2007, when the Bucharest Stock Exchange was at its peak, the capitalization of Banca Transilvania alone stood at EUR1.7 billion and 20 companies controlled by Romanian investors each had a capitalization of more than EUR100 million.
Some of them, such as Imotrust Arad (ARCV.RO) and Comnord Bucuresti (COSC.RO) are not included in the ranking now.
Businessman Marcel Barbut could go straight to top five with his AdePlast, if he raises EUR15 million from the initial public offering, which would value his company at EUR45 million.
(English version by Loredana Fratila-Cristescu)
|
Company (symbol) |
Market value (mln. euros) |
Main Romanian shareholders |
Stake |
Stake value (mln. euros) |
|
Banca Transilvania (TLV.RO)* |
701.4 |
Horia Ciorcila |
5% |
35.1 |
|
Astra Asigurari (ATRA.RO) |
130.2 |
Adamescu family (The Nova Group Investments) |
99% |
128.5 |
|
Banca Carpatica (BCC.RO) |
48.3 |
Ilie Carabulea (directly and indirectly via Atlassib) |
46% |
22.2 |
|
Unirea Shopping Center (SCDM.RO) |
45.5 |
Adamescu family (The Nova Group Investments) |
74% |
33.7 |
|
Ropharma Brasov (RPH.RO) |
42.4 |
Mihai Miron (directly and via three companies) |
69% |
29.2 |
|
Aerostar Bacau (ARS.RO) |
41.1 |
Mihai Toncea, Gabriel Filip and Doru Damaschin (via Iarom SA) |
71% |
29.1 |
|
Bega Turism Timisoara (SCDE.RO) |
38.7 |
Marius and Emil Cristescu |
95% |
36.6 |
|
Electromagnetica Bucuresti (ELMA.RO) |
31.9 |
Employee Association |
30% |
9.6 |
|
Comvex Constanta (CMVX.RO) |
31.8 |
Corneliu Idu (indirectly via Solidmet SRL) |
63% |
20.1 |
|
Practic Bucuresti (PRBU.RO) |
30.7 |
Radu Dimofte |
48% |
14.9 |
|
Metav Bucuresti (METV.RO) |
30.4 |
Gabriel Popoviciu (via Meteor Investitii Imobiliare) |
54% |
16.5 |
|
Foraj Sonde Craiova (FOSB.RO) |
30.2 |
Marius and Emil Cristescu |
94% |
28.5 |
|
Prospectiuni Bucuresti (PRSN.RO) |
26.3 |
Ovidiu Tender (via Tender SA) |
56% |
14.6 |
|
Artego Targu Jiu (ARTE.RO) |
25.7 |
Employee Association |
70% |
18.0 |
|
Compa Sibiu (CMPA.RO) |
24.9 |
Employee Association |
55% |
13.6 |
|
Prefab Bucuresti (PREH.RO) |
24.0 |
Marian Petre Milut (via Romerica International) |
83% |
19.9 |
|
Chimcomplex Borzesti (CHOB.RO) |
23.2 |
Stefan Vuza (via A2 Impex) |
84% |
19.5 |
|
Albalact Alba Iulia (ALBZ.RO) |
22.0 |
Ciurtin family (via two Cyprus companies) |
45% |
9.9 |
|
Bucur Obor Bucuresti (BUCU.RO) |
15.0 |
Laurentiu Postovaru and Gelu Manea |
48% |
7.2 |
|
Electrocarbon Slatina (ELNG.RO) |
14.1 |
Laurentiu Dascalu (Vivaio Campina), Mihai Tufan and Mihai Anastasescu (Metaleuroest), Constantin Ortan (Ekomin Titu) |
98% |
13.8 |
|
Intercontinental Bucuresti (RCHI.RO) |
13.1 |
Adamescu family (TNG and Astra Asigurari) |
32% |
4.2 |
|
Socep Constanta (SOCP.RO) |
12.7 |
Ioan and Niculae Dusu (via Celco and DD Group) |
56% |
7.2 |
|
Electroarges Curtea de Arges (ELGS.RO) |
12.5 |
Catalin Chelu (via middlemen) |
69% |
8.6 |
|
Bega Electromotor Timisoara (ELTR.RO) |
11.7 |
Marius and Emil Cristescu |
94% |
11.0 |
|
Transilvania Constructii Cluj (COTR.RO) |
11.7 |
Mircea Timofte |
30% |
3.5 |
|
Navrom Galati (COVG.RO) |
11.5 |
Mircea Mihailescu (via Transport Trade Services) |
85% |
9.8 |
|
Bega Minerale Industriale (BMIA.RO) |
11.4 |
Marius and Emil Cristescu |
89% |
10.2 |
|
Bega Utilaje de Constructii (UTBT.RO) |
11.4 |
Marius and Emil Cristescu |
88% |
10.0 |
|
Teraplast Bistrita (TRP.RO) |
10.4 |
Gabriel Goia and Emanoil Viciu |
43% |
4.4 |
|
Comcm Constanta (CMCM.RO) |
9.0 |
Constantin Fratila |
32% |
2.9 |
|
Impact Developer&Contractor (IMP.RO) |
9.0 |
Gheorghe Iaciu and Adrian Andrici |
49% |
4.4 |
|
Comelf Bistrita (CMF.RO) |
8.9 |
owners of Uzinsider group |
77% |
6.9 |
|
Dan Steel Group Beclean (PRMT.RO) |
8.8 |
Dan Vasile |
72% |
6.4 |
|
Comcereal Vaslui (CCEV.RO) |
8.7 |
Adrian Porumboiu (Racova) |
84% |
7.3 |
|
Bega Tehnomet Timisoara (TEHO.RO) |
8.5 |
Marius and Emil Cristescu |
77% |
6.6 |
|
Armax-Gaz Medias (ARAX.RO) |
8.3 |
Mircea Vescan |
46% |
3.8 |
|
Condmag Brasov (COMI.RO) |
7.9 |
Gheorghe Calburean (via Dafora Medias) |
46% |
3.6 |
|
Foraj Sonde Ernei (FOSP.RO) |
7.9 |
Vasile Aron |
61% |
4.8 |
|
Gastroserv Brasov (GASR.RO) |
7.6 |
Mihai-Corneliu Craciun |
99% |
7.5 |
|
Electroputere VFU Pascani (RMAR.RO) |
7.5 |
Gruia Stoica (Grup Feroviar Roman) |
91% |
6.9 |
|
Altur Slatina (ALT.RO) |
7.2 |
Catalin Chelu (via several companies) |
52% |
3.8 |
|
UAMT Oradea (UAM.RO) |
7.1 |
Ioan Stanciu and Employee Association |
77% |
5.5 |
|
Farmaceutica Remedia Deva (RMAH.RO) |
6.8 |
Valentin-Norbert Tarus |
67% |
4.5 |
|
Dafora Medias (DAFR.RO) |
6.6 |
Gheorghe Calburean (directly and via Dafora Group) |
58% |
3.8 |
|
Carbochim Cluj (CBC.RO) |
6.3 |
Gheorghe Popa, Mircea Ionescu, Marius Ionescu, Dan Gafencu |
47% |
2.9 |
|
International Sinaia (INTE.RO) |
6.1 |
Rusanu family |
91% |
5.6 |
|
Boromir Prod Buzau (SPCU.RO) |
5.4 |
Constantin Boromiz (via Boromir Ind) |
68% |
3.7 |
|
Cocor Bucuresti (COCR.RO) |
5.2 |
Liviu Ursan, Daniel Stoica, Aurel Besliu |
45% |
2.4 |
|
Sinteza Oradea (STZ.RO) |
5.2 |
Tibor Tincau (via Chempark Invest) |
52% |
2.7 |
|
Constructii Bihor Oradea (COBJ.RO) |
5.2 |
Gavrila Ghilea |
61% |
3.1 |
|
Bermas Suceava (BRM.RO) |
5.1 |
employee associations |
52% |
2.6 |
|
Romcab Targu Mures (MCAB.RO) |
5.1 |
Zoltan Prosszer (via Sadalbari SRL) |
69% |
3.5 |
|
Prodplast Bucuresti (PPL.RO) |
4.7 |
Florin Pogonaru (via several companies) |
51% |
2.4 |
* Even though Horia Ciorcila is not the majority shareholder of Banca Transilvania, he is the founder and the largest individual shareholder (5%). He continues to exert a considerable influence over how the bank is run in his position as chairman of the board