PNTCD leader has 137m euros on the Bucharest Stock Exchange

Marian Petre Milut (photo), leader of the PNTCD (The National Christian – Democratic Peasants’ Party), is now one of the wealthiest party leaders in Romania, with the value of the stake he indirectly holds in construction materials producer Prefab Bucuresti (PREH) reaching 137 million euros. Over the last two weeks, he has gained almost 70 million euros from an increase in the value of his shares. Prefab shares doubled their value at the beginning of the month, from 13.9 RON/share to 27.9 RON/share, after having dropped some 42%, because the registration date for a capital increase had passed. The value of the company now stands at 227 million euros, which includes the ongoing capital increase. The company’s capitalisation is 110 times higher than the net profit posted in 2006, of around 2 million euros. Prefab posted turnover worth 26 million euros last year, up 30% against 2005. The company is now conducting a 2.85 million-euro capital increase using capital contributions from its shareholders. Prefab, one of the top three ACC (Autoclaved Cellular Concrete) producers in Romania, is 75% controlled by Romerica International, in which Milut holds 80%. The other shareholder of Romerica International is Andrei Stieber, a Romanian-born doctor from Atlanta (US), who holds 20% of the capital.