ARDAF wants foreign investor

Insurance company ARDAF is negotiating with two large foreign companies with a view to attracting a foreign investor that might acquire the main stake in the firm, ARDAF chairman Steluta Racolta stated on Thursday.

To this end, ARDAF executive managers set as an immediate goal the increase of the share capital from 37 billion lei to 80 billion lei.

The company’s chairman stated that ARDAF was negotiating with two important companies on the international insurance market, discussions having reached a particularly advanced stage with one of the respective companies (an international concern).

“We realised that it would be better for us to choose a foreign strategic partner, which shouldn’t be worried about the fact that Allianz has already entered the Romanian market,” Steluta Racolta said.

Besides, ARDAF negotiated with Allianz, but representatives of the German insurance giant asked for a break, as they realised that ARDAF shareholders had not decided whether to cede the majority stake.

The ARDAF chairman explained that a clear message about a stop in negotiations has not been received yet.

ARDAF executive managers are trying to convince shareholders to cede the majority stake, especially since they displayed a passive attitude and did not get involved in supporting the company.

Moreover, ARDAF image was damaged because of some of the shareholders, Steluta Racolta says.

At present, the main ARDAF shareholder is SIF (Financial Investment Company) Transilvania, with 45 percent of stock, together with Banca Dacia Felix (16.45 percent), Sever Muresan’s company Astra Romana Capital (13.5 percent), Fondul Mutual al Oamenilor de Afaceri (the Mutual Fund of Businessmen), managed by SAFI (13 percent), SIF Banat-Crisana (5.6 percent), Rompetrol (3.5 percent) and SIF Muntenia (1-2 percent).

“I am surprised that they have not tried to sell their stakes,” Steluta Racolta said, referring to the SIFs. “We need a shareholder that might help us obtaining a better market share,” ARDAF chairman added.