Inter hops from Stock Exchange to RASDAQ

Compania Hoteliera (Hotel Company) Intercontinental (CHI), owner of the Lido and Intercontinental hotels in Bucharest and of the Rex Hotel in Mamaia, is planning to pull its shares from the Stock Exchange and have them listed on RASDAQ. CHI shares are now trading as unlisted on the Bucharest Stock Exchange for about 500 ROL. “I think the shares will do better on RASDAQ,” Viorel Paunescu, CHI chairman, explained, without specifying when the listing procedures on the over-the-counter market were set to begin. “The matter is up for debate by the General Meeting of Shareholders,” Viorel Paunescu told Ziarul Financiar. Paunescu last year said the company might repurchase its shares at the market price. “Intercontinental will attempt to repurchase as many shares as possible, but I don’t think we’ll be able to get more than 10% back,” he said at the time. The shares are quoted below the par value (1,000 ROL) and Paunescu says the company will stand to gain if offering a little less than the par value for each share. CHI was trading at 530 ROL during the Monday session of the Stock Exchange. Under the circumstances, the market capitalisation of the company reaches 441.7bn ROL, that is $13.1 million. CHI registers 833.5bn ROL in share capital, with most of the shareholders owning less than 1% each. The majority shareholder of the company is Swiss-based RICH Holding (over 50%), according to Paunescu, who holds 8%-9% in the company. ZF