QVT Fund gains 9m euros

American investment fund QVT has made a profit of around 9 million euros following the sale of the 12.8% stake held in insurance company Asirom. The Americans sold out their stake in Asirom at a price of 0.85 RON/share on the RASDAQ market of the Bucharest Stock Exchange and got almost 21.2 million euros. The QVT Fund bought 10.8% of the shares at the beginning of 2005, at a price of 0.55 RON/share, with the remaining 2% being acquired from the market in the meantime. The overall sum paid exceeded 12 million euros. “We had a very good price offer and we realised that this would make a significant profit. The sale of the stake was a very easy decision to make given our dispute with Asirom’s majority shareholder (i.e. the Interagro group),” Angelo Moskov, CEO of QTV Fund, told ZF. “We are financial, not strategic investors and therefore seek a profit. Had we had a bigger stake, we probably would have remained a shareholder of the company,” explained Moskov.