English
PPF Investments fund holds 70% in Ardaf - Asigurare Reasigurare through the Cyprus-based company Sabile Limited, following the latter"s acquisition of over 900 million ARDF shares (56% from the share capital) on Rasdaq. The total value of the transaction amounted to 118 million RON.
The acquisition of Ardaf by Sabile was approved by the Insurance Supervisory Commission and will also be approved by the Competition Council, according to a press release sent by PPF Investments.
Pavel Kuta, Managing Director of the Cypriot fund, said that the acquisition of majority stake in Ardaf is a crucial transaction for PPF Investments on the Romanian market. The company has recently acquired 100% in Roumanie Assurance International SA (RAI).
PPF Investments has already invested more than 600 million USD in companies operating in the financial sector, as well as in telecom, energy and media. The company has offices in Great Britain, Czech Republic, China, Russia and Ukraine. In Romania, the fund also holds 20% in Romexterra.
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