Continental shareholders discuss capital increase

Continental Hotels, which announced investments worth 50 million euros for six Ibis hotels last week, is considering increasing its share capital by 14 million euros by issuing new shares. The proposal is to be discussed by the Board of Directors in June. Last week, Continental’s shareholders announced that they had signed a partnership with the French group Accor, in order to expand the Ibis hotel network, which would be operated in partnership with the French company. “In order to finance the project, we are considering using our own resources, as well as taking out a loan or increasing our share capital,” Radu Enache, chairman of Continental Hotels, said at the time. The same June shareholder meeting will have on its agenda a discussion on the possible merger by absorption with Complex Gaiser in Predeal, which Continental already controls entirely, but which keeps separate accounting books.