Canadians pull out of FLD

The Canadian investors group, which started the First Logistics & Distribution (FLD) business (in the field of distribution), sold the approximate 9% stake it owned in the company, sources on the market told ZF. The parties did not reveal the value of the transaction, but quoted sources estimate it stands at a few million euros. The Romanian Investment Fund (RIF), registered in Cyprus, acquired the stake sold by the Canadian investors group, thus increasing its stake to 99.9% in FLD shares. Founders of the FLD, one of the first distribution companies which emerged on the Romanian market, include Canadian entrepreneurs Lynn Quinney, Wayne Baker, Stacy Quinney and James Wild, according to data from the company”s website. RIF entered the FLD business, established in 1997, with an initial stake of 35.5%. The rest of the shares were owned by the investment fund Romanian Moldavian Direct Fund (some 55%) and by the Canadian investors group. In 2004, RIF also bought the stake owned by Romanian Moldavian Direct Fund, which included Dinu Patriciu, chairman of the Rompetrol group among its investors. ZF