La Dorna's Valvis buys 5% in Garanta

Jean Valvis, chairman of the La Dorna Company, has decided to invest part of his money in insurance, and therefore bought a 5% stake in Garanta insurer at the end of last year. The seller was an individual shareholder, Marius Cojanu, Romsys chairman. “I didn’t sell for the sport of it. I backed out because, unfortunately, I was no longer able to become more involved in Garanta’s development, because I am also the manager of Romsys. I believe Mr. Valvis is very good for helping Garanta to develop even further,” Marius Cojanu said. Garanta became operational in 1997 and has 84.9bn ROL in share capital, following the increase in late 2003. Its majority shareholder is The Ethniki, the leader of the insurance market in Greece, which holds 72.62% in the company, while Banc Post is the most significant Romanian shareholder with its 19% stake. ZF