Bucovina-Club de Munte wants to sell land for at least 1.9 million euros

The management of Bucovina-Club de Munte, a company controlled by the former SIF Muntenia, has summoned shareholders for March 10 to approve the sale of real estate assets in Suceava County that are part of the entity's assets, according to a report by the issuer published yesterday on the Bucharest Stock Exchange (BVB) website.

For all the land it wants to sell, the management of Bucovina-Club de Munte has set itself the goal of collecting 1.9 million euros, plus VAT. A building, consisting of nine plots of land with a total area of 94,877 square meters, is located in the Gura Humorului locality, Ariniş area, with the minimum sale price being 1.17 million euros excluding VAT. The sale will be made through a competitive auction with a shout, as reported by the BVB.

Two other plots of land, of 5,000 and 10,000 square meters, are also located in Gura Humorului, to which is added a plot of land of 4,600 square meters in Voroneţ.

"The prices will be calculated in lei at the exchange rate communicated by the National Bank of Romania as applicable on the date of transfer of the price to the company's account", the stock exchange report states.

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.

Last June, the company announced that, following an auction, the Best Western Bucovina Hotel in Gura Humorului and the Ariniş tourist inn were sold for three million euros excluding VAT. Thus, Bucovina-Club de Munte gave up its hotel and tourism activities. The four-star Best Western Bucovina Hotel was the company's main asset, with a capacity of 127 rooms with 220 beds, two restaurants with 180 and 60 seats, seven conference rooms with capacities ranging from 25 to 280 seats, a lobby bar with 60 seats, two terraces, one of which is summer, and a SPA area.

For the first nine months of last year, Bucovina-Club de Munte reported revenues of 4.6 million lei, 38% above those in the same period last year and an operating loss of 0.4 million lei, below the 0.57 million lei in January-September 2023. On the other hand, the company had a gain from the revaluation of financial assets at fair value through the profit and loss account of 0.88 million lei, so that net profit amounted to 0.48 million lei, compared to a loss of 0.29 million lei in the first three quarters of the previous year.

Longshield Investment Group owns 74% of the company whose stock market valuation amounts to about 25 million lei.