SIF Oltenia sells 22% in Elcomp

SIF Oltenia has put out a public offering to sell 22.8% of the electronic tubes maker Elcomp Bucharest on the RASDAQ. The seller is asking for 100,000 ROL/share; if calculated at this price, the entire stake offered is worth 17.1bn ROL (0.4 million euros).The offering, however, is carried out under the “Dutch auction” principles, so that the buyer establishes a maximum price, which then goes down to a minimum accepted by the seller. SIF Oltenia will accept no less than 32,000 ROL/share. “Being a minority shareholder in Elcomp prevents us from properly intervening in the running of the company and the results posted by Elcomp were below expectations,” stated Tudor Ciurezu, SIF Oltenia’s economic manager. ZF