SIF Transilvania takes over Orsova Shipyard

SIF Transilvania (SIF3 – financial investment company) will increase its stake in Santierul Naval Orsova (SNO – Orsova Shipyard) to 61%, after the merger by absorption between SNO and Constanta-based Servicii Constructii Maritime (SCM – Maritime Construction Services) is completed, according to the merger project. SIF Transilvania presently controls just under 50% of SNO’s capital, and almost 99% in SCM. The SIF is expected to receive around 2.76 million SNO shares in return for the shares held in SCM, with the Orsova shipyard to increase its share capital to 28.5 million RON (7.84 million euros), from 21.6 million RON (5.93 million euros) at present. The rate of exchange stands 3 SNO shares for 8 SCM shares. The SNO’s stock exchange capitalisation would therefore climb to 39 million euros from the current level of 30 million euros, after SNO shares traded at 12.5 RON last week. SNO’s main minority shareholder, SIF Oltenia (SIF5), will diminish its stake from 12% to 9.2%.