Cocor invests $1m on the Stock Exchange

Cocor store is one of the largest Stock Exchange investors, as it has invested almost one million dollars this year. Due to the investment strategy enforced by the management, the company last year reaped 11.16 billion ROL in profit, accounting for one third of total gains.

According to Board chairman Aurel Besliu, Cocor owns significant stakes in all financial investment companies (SIF), which rank among the most profitable shares in its portfolio.

“We hold a cumulated stake of 1% in SIF Muntenia, but we have no connection whatsoever with the mafia groups that have interests in this company,” Besliu said.

Cocor shares are listed on RASDAQ, but sale orders are seldom encountered on the market, since over 90% in the company stock are divided between natural persons and two investment funds.

According to the latest data available on RASDAQ, SIF Muntenia held 18.89% of Cocor shares on May 12, 2000, while investment fund Broadhurst owned 10.22%.

Essential changes in the shareholding structure have occurred ever since. Aurel Besliu became known as a significant shareholder in the company last month, with 7.64% of Cocor. Besliu also owns Turnover company, which holds 6.3% of Cocor shares.

Aurel Besliu says he chose to buy Cocor shares through various companies, but he then decided to transfer the shares in his own name, because of the fiscal system.

“Heavy taxes are levied on a company’s portfolio of shares. I cannot say exactly how many shares I own in Cocor, because we are a group that started off together and we own equal stakes. I for one own over 10% in the company’s shares,” said Aurel Besliu.

Cocor owned 6% of its own shares, after buying them back last year from one of the shareholders. According to a minority shareholder, the General Assembly of Shareholders tackled the cancellation or sale of shares through a public offer.

However, the Management Board decided to sell the shares on the market, where they were bought by Aurel Besliu for prices ranging between 250,000 and 300,000 ROL, although investment fund Broadhurst had submitted a 350,000 ROL/share offer to the company management.

“There are only two big buyers on the market – me and Broadhurst. There will be no more operations with Cocor shares, because five shareholders own more than 90% in the company stock,” Besliu stated.