Contransimex sells Bibco stock

Contransimex is in talks over the sale of nearly 80% of its stake in mineral water bottler Bibco in Covasna County. “Contransimex Group owes about $12 million to AVAB (Banking Assets Resolution Agency now AVAS i.e. State Assets Resolution Agency) and is looking for a partner to help it with this debt. This is why the agenda of the general shareholders meeting scheduled for the end of the month will include selling Bibco shares,” Radu Preda, Bibco general manager explained. The company is prepared to sell as much as the entire stake. “So far they’ve only had talks with various companies but nothing final yet,” he added. Bibco had previously undergone a change of shareholder last year when its general manager Radu Preda bought an 18.76% stake from Eurom Bank. “Eurom Bank wanted to drop this stake it had got by forced execution of SM Invest in Cluj Napoca,” Preda said. He did not reveal the value of the deal, though. ZF