Broadhurst breaks up another company

The American investment fund Broadhurst, one of the strongest forces on the capital market, wants to break up Valmetex of Ramnicu Valcea, a company that owns retail space in several locations; shareholders of the company have given the green light to the board of directors to come up with a break-up project, which would separate some of the assets. Broadhurst controls over 75% of Valmetex and in the last year has conducted a consistent policy of mergers and break-ups for many of the companies it owns in order to increase profitability and to divest the assets, which are not a part of its core business. Broadhurst has so far invested over 250 million euros in Romanian companies, particularly in those whose shares are listed on capital markets. Valmetex management explained that assets, which are to be delisted, are not included in the retail space owned by the company. Representatives of the company could not be contacted for further comment. Valmetex is going to merge with Romarta Bucharest, Comtexmet Vaslui and Siepman Agrement Chindia SRL Targoviste, with the first two also being controlled by the Broadhurst investment fund. The bulk of the company”s revenues derive from rental of retail space. ZF