This is SIF Oltenia’s first transaction with Argus shares over the last six months.
Regional investment fund SIF Oltenia (SIF5.RO) plans to sell its 85% stake in vegetable oil producer Argus Constanta (UARG.RO) to a strategic investor in the same industry.
The company has allegedly received offers from Argus’ rivals Expur and Bunge but the price was not good enough to convince SIF Oltenia management to sell.
Argus Constanta has a market capitalization of 93 million lei (about EUR20 million), so SIF Oltenia’s stake is worth almost RON80 million. The vegetable oil producer ended last year with RON176 million revenue and RON3.5 million net profit.
(English version by Manuela Panescu)