Bucovina-Club de Munte sold land for 1.2 million euros

Bucovina-Club de Munte, a company controlled by the former SIF Muntenia, sold nine land lots with a total area of 94,877 square meters, located in Gura Humorului, Ariniş area, Suceava county, through a competitive auction, according to a report by the issuer published on the Bucharest Stock Exchange (BVB) website.

The property was awarded at a price of 1.2 million euros, plus VAT. "According to the conditions of the auction specifications, the sale-purchase contract for the property is to be concluded within a maximum of 30 calendar days from the date of obtaining the approval of the general meeting of the company's shareholders, which was convened for March 10/11, 2025," the BVB report states.

Bucovina-Club de Munte wants to sell land for which it wants to obtain 1.9 million euros excluding VAT. For the land in Gura Humorului, the minimum sale price was 1.17 million euros excluding VAT.

Also on March 10, Bucovina-Club de Munte shareholders will have on the table the approval of the redemption of fund units held by the company. At the end of September last year, the entity held fund units purchased in 2018 from the Star Value Closed-End Investment Fund, managed by SAI Star Asset Management. FII Star Value is one of the interposed funds used by the former SIF Banat-Crişana and SIF Muntenia for the hostile takeover of the former SIF Oltenia.

In June last year, the company announced that, following an auction, the Best Western Bucovina Hotel in Gura Humorului and the Ariniş tourist inn were sold for the sum of three million euros excluding VAT. Thus, Bucovina-Club de Munte has given up its hotel and tourism activity, the four-star Best Western Bucovina hotel being the company's main asset.

Bucovina-Club de Munte will present its preliminary financial results for last year on February 28. Longshield Investment Group owns 74% of the company, whose stock market valuation amounts to about 27 million lei.