VGB buys Urbis Armaturi Sanitare

VGB Impex, a member of the VGB Group, which controls the Rafo Onesti refinery, has taken over the controlling interests in Urbis Armaturi Sanitare Bucharest, sources close to the deal said. VGB Impex bought 64.8% in Urbis from the former majority shareholder of the sanitary installations maker, Romilexim Trading Limited Bucharest. Romilexim’s stake in Urbis Armaturi Sanitare went down to 8% as a result. SIF Muntenia owns 20.6% in Urbis, while other shareholders jointly own 6.5%. The company was privatised in July 2003, when Romilexim Trading Limited bought 70.4% in Urbis from the former Privatisation Authority in a deal worth 728,590 euros. The State Assets Resolution Authority (AVAS) confirmed the takeover by VGB. ZF