5% of Braiconf change owner

Shares of the clothing manufacturer Braiconf Braila, were the object of a large transaction on the RASDAQ market on Monday, through which a total of 5.8% in the company’s capital was transferred. The biggest stakes were sold at 0.7 RON/share, twice as high as the quote of the shares at the end of last month. Braiconf does not have a majority owner, thus being a potential target for takeover by a strategic investor or by an investment fund. After the employees’ association, which bought the controlling stake from the state, was dissolved, the employees became the company’s main shareholders. According to information on the market, several investment vehicles of the Capital group, bought by the Greek bank Eurobank last year, own 15% of the shares. Braiconf shares have rebounded and have come under the spotlight of the market in the last few weeks, after being at the periphery due to poor results, mainly because of Asian competition and the appreciation of the RON.