SIF Muntenia acquires control of Navol

SIF Muntenia will become the main shareholder of Navol Oltenita shipyard, after having subscribed another stake worth 26.4bn ROL ($0.8 million) during the second stage of the shipyard’s capital increase. SIF subscribed another 23.2bn ROL stake last month when it merely exercised its pre-emption right. The financial investment company (SIF) bought the two stakes at a price equal to the par value, 2,100 ROL/share, while the shipyard is trading for about 1,000 ROL on the Stock Exchange. SIF Muntenia’s representatives could not be reached for comment. The brokers on the Stock Exchange are saying the financial investment company could be compelled by the capital market legislation to either put out a tender offer for the rest of Navol or drop some of the shares subscribed depending on the results of the capital increase. Prior to this increase, SIF held 34% and an individual investor, Ioan Alexandru, held 40%. ZF