Lacta Giurgiu up for sale

SIF Oltenia has put out an offering for the sale of the controlling interests in Industrializarea Laptelui Lacta Giurgiu for 13.3 million RON (3.7 million euros) on the RASDAQ. SIF Oltenia is asking for a price of 0.9 RON/share for the over 14 million shares it holds, representing 89.94% in Lacta. The actual sale price could be lower, however, as the offering will be conducted as a Dutch auction. “The offering will be run as a Dutch auction, with the price likely to go down below 0.9 RON/share, though it will not fall below 0.5 RON. Under the circumstances, we”re confident we”ll find a buyer for the Lacta stake,” said Tudor Ciurezu, SIF Oltenia deputy chief executive. The offering will begin on October 25 and end November 22, and will be brokered by securities firm Voltinvest. SIF Oltenia should collect 2 to 3.7 million euros for the stake put up for sale, with most of this amount accounting for its profit. Market information shows that the average acquisition price at which the Lacta shares are recorded in SIF Oltenia”s portfolio is close to their par value of 0.1 RON/share. The bulk of this stake was inherited from the Former Private Ownership Fund. ZF