Cristescu brothers bring 3.5m euros to Faur

Faur, a company specialising in producing rolling stock, increased its share capital by 3.5 million euros, according to a report of the General Meeting of Shareholders. The capital increase must be accompanied by a commitment to invest 2.9 million euros. The investment commitment belongs to the Pro Faur consortium, represented by Begacom, and was undertaken by Begacom (a company owned by the Cristescu brothers) as part of the takeover contract from 2003. The 2.9 million euro investments to be made will be partly earmarked for the development of Faur, for which an investment worth 0.9 million euros has been planned and partly for the development of the industrial park, for which 1.9 million euros have been budgeted. Faur was put up for privatisation at the beginning of 2003 and was taken over from the state at the end of 2003 by a consortium made up of Laminate Bucharest, Relco Bucharest, Rafinaria Astra Ploiesti (Astra Ploiesti Refinery) and Begacom Bucharest. The privatisation was brokered by the APAPS (The Authority for State Interests Management), and the transaction stood at 3.5 million euros.