EnglishDafora SA - Medias yesterday announced they would pay 1.05 RON for one Condmag share, which is 10 times more than the face value, but only 50% of the market value. Dafora is going to launch an IPO for 56.34% in the industrial pipe manufacturer Condmag, in which Dafora already owns a significant percentage. The IPO begins on July 31st.
The IPO price leads to a market value of 181.65 million RON (58.2 million EUR). However, the offered 1.05 RON/share is by 48.7% below the latest Condmag share price of 2.05 RON. The latter price would indicate a market value of 354.23 million RON (113.17 million EUR).
Condmag concluded Q1:2007 with a net profit of 130,000 RON, down 5.44 times than in Q1:2006, when the amount was 707,170 RON. The turnover dropped 26.2% from 23.67 million RON in Q1:2006 to 17.47 million RON in Q1 this year. Last year"s net profit amounted to 3.59 million RON against a turnover of 104.5 million RON. Condmag has a share capital of 17.29 million RON divided into 173 million shares with a face value of 0.10 RON.
Dafora - Medias is the leading shareholder with 43.66%, followed by OGGBA Van Herk BV with 10.61363%, Julius Baer International Equity Fund with 9.62% and MEI Roemenie & Bulgarije Fonds NV with 7.76%.
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