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Romania’s Rodipet To Be Redeemed By State – AVAS

Romanian print media distributor Rodipet will be transferred under the state ownership, as the buyer, Magnar Two, systematically breached the sale terms, according to a decision of the Board of Directors of the country's Privatization Authority AVAS.
Romania’s Rodipet To Be Redeemed By State - AVAS
24 mart. 2009, 13:40, English

"In the last meeting of the Board of Directors we executed the pledge upon Rodipet, for the systematic breach of the terms in the sale contract, the company being thus transferred under the state ownership," according to AVAS president Mircea Ursache.

Rodipet was sold in December 2003 to Magnar System Com, based in Otopeni, a town in the northern part of Bucharest. The buyer acquired the entire stake in Rodipet for EUR6 million.

In 2006, the Romanian state redeemed 45% of Rodipet shares, after the conversion of around 17 million lei (EUR1=RON4.2924) debts, which it subsequently sold to Magnar Two (former Magnar System Com).

Following this transaction, Magnar Two, part of Awdi group, holds a 83.9% stake in Rodipet.

The rest of the shares are held by Supremo Corporation, with a 15.78% stake, Monalisa Investments, with a 0.1% stake, both part of Awdi group, and by natural persons Awdi Hassan and Awdi Mehdi, with a 0.1% stake each.

The Romanian state granted RON48.46 fiscal incentives in Rodipet privatization.