Timber king loads up on Rompetrol shares

UDMR senator Attila Verestoy, one of the richest and most influential Romanian MPs, has bought over 1.2% of Rompetrol Rafinare (RRC), the Rompetrol division that operates the Petromidia refinery, over the last year and a half, taking advantage of the fact that the share price was down. He bought shares at an average price ranging from 0.03 to 0.035 RON, while shares have in the meantime seen a rise, amid expectations for the majority shareholder to conduct a tender offer. Verestoy, one of the people close to businessman Dinu Patriciu, who runs the Rompetrol Group, now controls 1.7% Rompetrol Rafinare and 3.3% in Rompetrol Well Services, with the two investments accounting for more than half of his Stock Exchange portfolio. Also known as “timber king” due to his businesses in the wood industry, Verestoy holds a portfolio worth 34 million RON (8 million euros) on the Stock Exchange and over 10 million euros in bank deposits and mutual funds, according to his latest wealth statement. At the beginning of 2008, Verestoy held an over 23 million-euro portfolio on the Stock Exchange. He has in he meantime sold all his shares in SIFs (Financial Investment Companies), valued at around 10 million euros at the time of the selling, as well as his 5% stake in Rompetrol SA (VEGA), for which he collected over 5.4 million euros in June 2008.