Altex acquires Bucovina centre

Electronics and home appliances retailer Altex has taken over the controlling interests in Cometex Suceava for 265.3bn ROL (approximately 7 million euros). Cometex owns a number of commercial spaces in Moldova, including the Bucovina shopping centre. Altex clashed over the Cometex Suceava shares with Winmarkt (held by the Broadhurst investment fund), and Celco Constanta, each of the three submitting offers for the majority stake. With a price of 912,000 ROL/share, Altex turned out to be the highest bidder and its offer was accepted by SIF Moldova (owner of 67.7% in the company), Broadhurst (19.8%), SIVM Trend (5.76%), and the other small shareholders (approximately 6.74%). The acquisition of Cometex, says Altex chairman Dan Ostahie, will allow the group to develop its retail chain and consolidate its real estate business. ZF