English
Magnum Proiectare Imobiliara SRL acquired a 69.25% stake in wool cloth manufacturer Argesana Pitesti from the employees association, for 20.23 million RON (6.4 million EUR), according to a report to Rasdaq. Magnum Proiectare on Friday bought 2.954 million Argesana shares, at a price of 6.85 RON/share. Following the transaction, Magnum Proiectare holds 74.33% in Argesana.
Argesana Pitesti has a share capital of 10.66 million RON, divided into 4.26 million shares with a face value of 2.50 lei. Before the transactions, the majority shareholder was the employees association (PAS) with 69.31%, followed by SIF Moldova with16.25%.
The company ended 2006 with a net profit of 80,940 RON, approximately four times less compared with 301,712 RON a year earlier. Turnover dropped 28% last year, totaling 10.485 million RON. The company is listed on Rasdaq as ARGE.
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