Cometex Suceava may cancel merger with Altex România

Shareholders of Cometex SA Suceava (symbol: COXE, on the Rasdaq tier of the Bucharest Stock Exchange) may vote in favor of abrogating the merger with Altex România SRL during the General Extraordinary Shareholder Meeting scheduled for September 10/11. On April 28th, the Shareholders" Assembly had agreed on principle to Altex România SRL absorbing Cometex SA. The decision to delist Cometex may also be abrogated.

Other decisions which will be put up for voting include moving the company"s registered office to Bucharest, and the acquisition of shares in SC Alba Iulia Commercial Gallery SRL.

Altex Impex SRL is a majority shareholder of Cometex Suceava, as it holds 96.87% of the company, with the remaining shares being held by other shareholders. Altex Impex Piatra Neamţ acquired in 2005, in exchange for 7 million Euros, 96.3% of Cometex, thus acquiring over 60 of the most attractive retail spaces in the county and city of Suceava, with a total surface of approximately 20,000 square meters. At the end of last year, assets of Cometex included retail complexes Nada Florilor and Bucovina, of the county of Suceava, office spaces in Fălticeni, Suceava, Piatra Neamţ, as well as plots of land in Buzău, Braşov, on the site of Carrefour Militari, as well as plots of land in Arad and Timişoara, which it acquired last year.

These past few years, Cometex Suceava has come to the forefront as the real estate division of the Altex Group, as it holds a sizeable portfolio of projects. According to BSE filings, the company invested over 2,075,419 Euros in the first quarter (2,022,533 Euros, in Aurora Mall Buzău, and 52,886 Euros in the Braşov commercial complex. The investments were financed using the company"s own funds, as well as by medium term loans. These investments come as a follow-up to last year"s 22 million Euros invested in developing the network of buildings for rent.

Cometex SA Suceava reported a net profit of 2,097,535 lei at the end of the first quarter, for a turnover of 6,235,699 lei, consisting of revenues from rents.