Omniasig expects turnover of 130m euros

Omniasig estimates its business will reach 130 million euros this year, after announcing on Monday that it had completed the merger by absorption with Omniasig-AGI and Omniasig-Asirag, two companies it bought last year. Together with its life insurance subsidiary, Omniasig, which became part of the Wiener Staedtische Group this year, will see its turnover for 2005 reach 150 million euros. Omniasig AGI will withdraw from trading on the RASDAQ, says Constantin Toma, the company”s general manager. The company announced it would only make its first real profits from the merger as late as the end of 2006. The merger of the three companies took eight months to complete and cost 1 million euros. The new entity has 1,800 employees, a share capital of 25.8 million RON and is present in almost every city in Romania, through branches and offices. The company will soon increase its share capital. The three entities that became one posted a combined 101 million euros in revenues in the first nine months of the year, 51% more than in the same time in 2004. ZF