EnglishMihai Fercală, the chairman of SIF Transilvania, no longer believes that the listing of hotel company "Aro Palace" Braşov will take place this year.
"It is not a good time for taking the company public, and besides we need to revise the studies on this subject", Fercală explained, who continued to stand by the plan to float the company on the Sibiu Exchange - SIBEX.
The company "Aro Palace" owns the eponymous hotel 5-star hotel in Braşov, which has 200 rooms, as well as several other hotels in the same city: Capitol (3 stars, 183 rooms), Coroana (2 stars, 100 rooms), Postăvaru (1 star, 60 rooms) Aro Sport (1 star, 32 rooms). The company also owns four restaurants in Braşov.
Tourism and banking make up the bulk of the holdings of SIF "Transilvania", which is the largest investor in the former sector, which accounts for almost 35% of its portfolio.
Talks concerning the listing of the shares of "Aro Palace" on the stock exchange began two years ago. At the time, brokerage firm "Rombell Securities" was hired to serve as underwriter in the IPO and the listing on the exchange. At the time the IPO was valued at a maximum of 12 million Euros. Later, after the beginning of the crisis, the majority shareholder decided to wait for a more auspicious environment for the listing of the company on the Bucharest Stock Exchange, and later opted for listing the company on the Sibiu Exchange (SIBEX), in which SIF3 is also a shareholder.
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