Romanian Proprietatea Fund Sells 17.36% Stake In Centrofarm For RON6.8M

The gross earnings from this transaction were of RON4.08 million, as the fund registered the stake at a historic cost of RON2.74 million, Proprietatea said in a statement.

Thus, the fund sold its stake at RON6 per share, up 50% from the most recent quotation on the bourse, of RON4 per unit on September 4. Proprietatea also said the stake was appraised by PricewaterhouseCoopers at RON4.6 million, or RON4 per share, on August 31.

Fondul Proprietatea asked in October the revocation of Centrofarm's Board of Directors, three months from their designation.

Wednesday, the fund said it sold the stake as the company plans to increase its share capital and, in order to keep its stake, Proprietatea should have subscribed RON2.3 million worth of shares in the operation.

Centrofarm's share capital currently stands at RON13.7 million, split up into 6.5 million shares with a face value of RON2.5 per unit.

The fund also said the losses posted by the company in the past four years were one of the reasons for its stake sale.

Centrofarm, which owns 60 pharmacies, reported two-fold higher loss in the first half of 2009, at RON6.2 million compared with RON2.9 million in the same period a year ago.

The buyer of Proprietatea's stake was not announced until publishing the news.

According to the latest data, Centrofarm is indirectly held by its Board president Alain Bonte, through Generalcom Bucuresti, with a 74.06% stake.

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