Sandulescu told Mediafax Tuesday the execution was requested by an insurance company which guaranteed a bank loan. Sandulescu declined to offer details.
The transaction will be brokered by BT Securities. The 26.13% stake is valued at 7.2 million lei (EUR1.6 million).
Impact Developer’s losses amounted to about RON40 million in 2010 and 2011.
The company’s shareholders also include businessman Adrian Andrici (10.69%), investment management company East Capital, which owns a 10.1% stake via Cyprus-based Salink Limited, and three ING funds that own 5.18%.
On the Bucharest stock market Tuesday, Impact closed down 1.41%, at RON0.1395 a share. (EUR1=RON4.4111)