Turbomecanica shares go to managers

Members of the Turboact association, who control the majority stake in Turbomecanica Bucharest, have decided to dissolve the association and redistribute the shares held by its members. Among the members of the Turboact association are the president and vice-president of Turbomecanica, as well as directors and members of the company’s management team. The association holds 60.7% of the shares in the producer of engines for aircraft and turbo-engines, the only producer of its kind in Central and Eastern Europe. “After the association was dissolved, the company management has remained unmodified, with the significant shareholders continuing to run the company, following the same economic policy already in place,” reads a report sent to the Stock Exchange. The main minority shareholders of Turbomecanica are investment funds Broadhurst and Lindsell, which together hold over 13% of the shares, along with SIF Banat-Crisana that holds a 5% stake.