SIF Muntenia buys land in Mamaia

SIF Muntenia will buy the Navodari-based Hanul Piratilor SA (Pirates’ Inn) for more than two million dollars, a corporate release shows. The company targeted holds a camping ground in the Mamaia resort, which sources say is the largest on the Romanian seaside. The quoted sources think the SIF is actually after the very large expanse of land the company holds rather than being interested in Hanul Piratilor’s core business. Deals for land in this area are known to have been closed for $15-$20/sqm. SIF Muntenia announced it would buy 2.1 million shares of the company, that is 80% in it for one dollar each. SIF Muntenia has already paid 41bn ROL ($1.2 million) on April 25, with the rest set to be paid in two tranches by yearend. The Financial Investment Company announced it was planning for a more active involvement in the tourism business, considering the growth forecasts for this sector. It has already invested $5 million in the Best Western Bucovina-Club de Munte Hotel. ZF