RIC sells 10% in Electromagnetica

Romanian Investment Company Cyprus (RIC) on Friday sold almost the entire 10% stake it held in Electromagnetica Bucharest on RASDAQ. The 9.99% stake in the company was acquired by Societatea de Investitii Financiare (Financial Investment Company-SIF) Oltenia, market sources say. The transaction was worth about 390,000 dollars. RIC owned some 10.5% in Electromagnetica, but it could not sell the entire stake because of the capital market regulations, which do not allow the sale of a stake exceeding 10% within six months by any means other than a public offering. The transaction was concluded at a price of 1,800 ROL/share, against which the company’s market capitalisation amounts to almost 4 million dollars. RIC and SIF Oltenia representatives could not be contacted for comment on the information regarding the transaction. Electromagnetica is currently controlled by its Employees Association, which holds 54.18%. Electromagnetica shares were among the last interests of RIC in Romania. ZF