Jolidon gets 10% in LCS Conf

Gabriel Cirlig (photo), the owner of Jolidon, one of the main manufacturers of ready-to-wear in Romania, has bought 6.99% in LCS Conf (former Flacara) Cluj Napoca, from SIF Moldova. The businessman from Cluj now holds 10.7% in the Cluj-based company through Jolidon. The one million RON (285,000-euro) deal was conducted on the RASDAQ market last week. When asked for comment by ZF Transilvania, Gabriel Cirlig stated he did not intend to become involved in LCS Conf’s operations and had only bought the stake as an investment. LCS Conf is now in the process of breaking up, set to produce two spin-offs. One of the new entities, LCS Imobiliar, will take over a number of real estate assets and LCS Comercial will specialise in commercial operations. The break-up will be symmetrical, with the current company shareholders set to own exactly as much in the three companies as they had to begin with. The shares were suspended from trading due to the break-up. Calculated at the latest price on the market, 87 RON/share that Jolidon paid to buy the stake, the company’s value was 4 million euros, after its shares increased 190% in the last two months. LCS Conf, the former Flacara factory, has the Romanian-German Leotex Industries as majority shareholder, with almost 54%. LCS Conf posted 3.2 million-euro (11.7 million RON) turnover in the first six months of last year, down 3.1% from the same time last year, when this indicator stood at 3.3 million euros (12.1 million RON).