Tender left with 57% of Ardaf

Raiffeisen Zentralbank Austria has doubled its share in insurance company Ardaf Cluj, following the capital increase, which was completed last week, from 10.16% to 20.17%. The Austrians contributed some 3 million euros to the company’s capital. As a result, the Tender group, which did not take part in the increase, reduced the percentage of shares it owns in the insurance company from 70.69% to 56.86%, according to Ardaf’s special administrator, Radu Cocea. Offshore company Clairmont Holding Ltd., registered in Cyprus and owned by American investments fund Firebird, has also reduced its stake in Ardaf’s capital, from 12.71% to 10.29%. Other corporate shareholders now control 4.4% of the insurance company, while individuals hold 8.28% of the shares.