The transaction was concluded on the OTC (over the counter) segment, so it was not registered in the Bucharest Stock Exchange system. OTC transactions with such large packages are quite rare on the local stock market.
“We are glad that through this transaction Paval Holding is broadening its portfolio of companies and at the same time diversifying the areas in which it invests,” says Karina Paval, Vice President Paval Holding.
Thus, Paval Holding controls 24% of Promateris, equivalent to an investment of about RON100 million, following a transaction through which businessman Florin Pogonaru sold directly and through some companies he and his family own. Paval Holding owns 6.9 million Promateris shares.
“Paval Holding’s investment in Promateris Group will help us strengthen our leading position in Central and Eastern Europe, develop strategically by entering new markets, diversifying our production portfolio and through acquisitions,” says Tudor Georgescu, Promateris CEO.
Tudor Georgescu sold 1.6 million Promateris shares at a price of RON7.74 per share, half of Thursday evening’s trading price of RON14, according to Bucharest Stock Exchange reports. The transaction closed on September 28.
Promateris shares have gained 40% amid almost RON1 million in traded volume on a market that has lost almost 20%. Its market capitalization stands at RON382 million.
(English version by Loredana Fratila-Cristescu)