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IT&C retail chain Altex Romania will no longer merge with proprietary real estate company Cometex - Suceava (RASDAQ:COXE) following a decision of the shareholders, who convened for a General Meeting on 10 September, Cometex announced yesterday.
The shareholders also decided to have Cometex buy stock in Alba Iulia Commercial Gallery SRL, sell several plots of land and move their registered office to Bucharest, Sector 1.
In late April, Altex shareholders had approved in principle the merger with Cometex - Suceava and decided to take Cometex shares off RASDAQ when the merger was finalized.
Cometex, a real estate company based in Suceava, is 96.87% property of Altex Romania, following a public takeover bid completed in May 2005.
The company concluded 2008 with a net profit of 5.13 million RON (1.39 million EUR), down approximately four times since 2007. Cometex also reported a 79% year-on-year decrease in turnover.
Cometex is listed on RASDAQ Tier 1 as COXE. The company has a share capital of 932,832 RON, divided into 373,133 shares with a face value of 2.5 RON. The company has a market value of 26.12 million RON (6.13 million EUR) calculated as per the price of 70 RON/share set on RASDAQ on 12 May.
Altex Romania is a majority shareholder in Complet Electro Serv., a manufacturer of IT equipment, Cometex SA, a real estate company, and Credex, a consumer loan company in which Raiffeisen Bank holds 30%.
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