SIF Oltenia paird RON20.4 million for 23.76% of Argus’ shares, the investment fund said in a statement minutes after the deals were recorded.
Following the move, SIF Oltenia increased its stake in Argus to 55.7%, well above the 33% threshold over which investors are compelled by law to launch a buyout offer for the remaining shares in the respective company.
The sale orders for Argus’ shares were most likely placed by several individuals and companies that were allegedly acting in concern with Romanian businessman Catalin Chelu, considering that the aggregate stake traded Friday was a close match to Chelu’s indirect holdings in Argus.
Chelu seized control of Argus during a shareholder meeting in September 2011, when he refused to allow access to several stockholders in the company, including SIF Oltenia and investment fund Business Capital for Romania-Opportunity.
The shareholders who attended the meeting voted a new board in the company, which comprises people who are close to the local businessman.
Two months later, SIF Oltenia and other shareholders have managed to regain control of Argus’ board.
Argus reported a loss of RON4.5 million in the first quarter of 2013, on total sales of RON14.1 million.
Friday, Argus closed down 28.67% at RON2.461 a share. (EUR1=RON4.459)