Scala Real Estate sells 2.5% of Siretul Pascani

Scala Real Estate, one of the main shareholders of Siretul Pascani, sold 2.5% of the capital of the textile producer last Friday on the Bucharest Stock Exchange, for 346,000 RON, according to a notification from the brokerage company which handled the transaction. The four million shares were transferred at a price of 0.0865 RON per share, 1.6% lower than the closing quote at the end of last week. Siretul Pascani posted a 21.3 million-RON (some 6.2 million-euro) turnover last year, down 17.4% against the previous year and a profit of around 18,000 RON against 317,000 RON in 2005. Siretul has total investments worth around one million euros scheduled for 2007 mainly for modernising its ready-to-wear lines. Last year, the company invested around 700,000 euros in retooling and modernising its infrastructure. Prior to the transaction, Scala’s stake stood at 20.1%, while SSIF Broker’s stood at 16.4%.