The Asset Resolution Agency (AVAB) is planning to auction off the 9.44% stake it holds in brokerage company Gelsor SA Bucharest, a firm established by businessman Sorin Ovidiu Vantu.
AVAB decided that the auction should start from the price of 5,880.50 ROL/share, while the face value of one Gelsor share amounts to 1,000 ROL.
The Agency holds 11,056,636 shares in the brokerage company, accounting for a total price of 65.018 billion ROL for the stake, namely 2.07 million dollars.
Gelsor holds shares in various companies, including Banca Romana de Scont, which has just been sold to Dramiral Group. Gelsor also ranks among the top brokerage companies on the stock market. AVAB came to hold the 9.44% stake after taking over participation shares that Banca Agricola held in several companies, among which Gelsor.
Contacted by Ziarul Financiar, AVAB chairman Ionel Blanculescu said that the institution had granted the preemption right to the current Gelsor shareholders for the purchase of the stake that is to be sold, but none of them chose to exert this right.
The main Gelsor shareholder is Financial Group Gelsor, which used to belong to businessman Sorin Ovidiu Vantu. The businessman last year sold his shares to lawyer Ioan Chelaru, including a buyback clause in the contract.
As none of the current shareholders used their preemption right, AVAB had to put up for sale the stake in order to recoup the money invested by Banca Agricola in Gelsor.
Following a transaction concluded in 1999, Banca Agricola bought bonds issued by Gelsor worth 50 billion ROL, which also came with a coupon (interest rate) worth 15 billion ROL. Upon maturity, Banca Agricola turned the bonds into shares and this is how the bank came to own 12% in Gelsor.
Last year, under a new management, the bank decided to waive the Gelsor stake, which it transferred to AVAB. Gelsor then operated a share capital increase, which was not attended by AVAB, therefore its stake in Gelsor dropped to 9.44%.
“We are trying to recoup the money paid by Banca Agricola. If no one shows up at the auction, we will analyse the market value of Gelsor and will put the shares for sale again,” AVAB chairman stated.
According to AVAB, the auction will take place on November 28, at the Agency headquarters.