2.2m euros for Arta Culinara of Cluj

A company owned by two Cluj-Napoca realty investors has launched a takeover bid for Cluj-based Arta Culinara company, on Rasdaq Electronic Market. Arta Culinara owns several restaurants and commercial spaces in Cluj-Napoca and is 87% held by SIF Banat-Crisana.

Locato Construct company offers a price of 12,500 ROL per each share of Arta Culinara that it does not own yet, namely 95% of the company’s capital.

The price is 6.5 times higher than the latest quotation of the company’s stock on Rasdaq. Considering the offering price, the total value of the restaurants and commercial spaces the company owns amounts to 2.3 million euros.

Commercial space prices in Cluj-Napoca have witnessed a significant increase over recent years amid the overall ascending trend of the real estate market, but also due to the fact that Cluj-Napoca is among the few cities of Romania where spaces owned by the city hall have not been put up for sale.

Locato Construct company was set up in January and is equally owned by Vasile Mircea Ilea and Radu Voicu Ster.

The two businessmen also hold stock in other companies of Cluj, such as Parc SA (owning restaurants in Cluj-Napoca) and cable company UPC.

Vasile Mircea Ilea this year was authorised to erect a seven-story apartment building in Cluj-Napoca.

The other shareholder, Radu Ster, was until 2000 a significant shareholder in Alianta Cluj-Napoca, a company owning several food stores in the city. Like his associate, Ster was unwilling to comment on plans to take over Arta Culinara.
vlad.nicolaescu@zf.ro