EnglishThe secondary offering for the 10.78% stake that SIF "Transilvania" holds in "Siretul" Paşcani which was held between April 21st and September 15th, failed. The company of Iaşi announced that the price per share that SIF "Transilvania" was asking for -0.185 lei-, was four times higher than the last price recorded prior to the secondary offer - 0.04 lei.
According to a communiqué sent by Siretul to the Bucharest Stock Exchange on Monday, SIF "Transilvania" had planned to only accept the sale of the entire block of shares. If the secondary offer had ended successfully, SIF "Transilvania" would have earned 3.1 million lei.
Textile company "Siretul" Paşcani posted a loss of 1.7 million lei in the first semester, after posting a profit of 32.844 lei in the first semester of 2009. The company"s turnover in H1 2010 dropped 36.3% YOY, from 6.1 million lei to 3.9 million. The company announced it would file for reorganization under bankruptcy proceedings.
The largest shareholder of the company is real estate firm Scala Real Estate Iaşi which owns 32.97% of Siretul Paşcani, and is controlled by an individual investor - Viorel Roman. Another real estate company of Iaşi, Euro Continental Invest, holds 10.75% of Siretul Paşcani.
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