Following the transaction, Pogonaru raised its stake in Prodplast to around 60%, while regional investment fund SIF Oltenia (SIF5.RO) remains a significant shareholder in Prodplast, with a 23.63% stake.
SIF Banat-Crisana on Monday sold its stake in Prodplast at a price of RON1.8 per share. The stake was bought by companies Victoria Art&Business Center (3.14%), ECDL Romania (2.86%) and Prodplast Imobiliare (2.35%).
Pogonaru, who is also president of the Association of Businesspeople in Romania (AOAR), indirectly holds Victoria Art&Business Center and ECDL Romania, as well as Prodplast, while Prodplast Imobiliare is jointly owned by Pogonaru and SIF Oltenia.
Prodplast estimates to return to profit in 2013, as production has resumed, after it reported loss of RON2.1 million in 2012 as a result of suspending and relocating its operations.
Prodplast targets net profit of RON269,000, according to the budget of revenue and expenses approved Monday by the company’s shareholders.
Prodplast halted production in early May 2012 because of relocation proceedings. End-September 2012, Pogonaru said Prodplast would relocate its business to industrial platform Faur in capital city Bucharest, where it had rented two production halls stretching onto over 7,000 square meters. He also said at the time that the company will resume production using new equipment from abroad.
On the Bucharest bourse Monday, Prodplast closed down 1.62% at RON1.7 a share.