Oresa sells 14% of Flamingo shares on the stock exchange

The Swedish investment fund Oresa Ventures yesterday liquidated part of the shares it held in the IT&C and home appliance retailer Flamingo International, sources in the market told ZF. A stake of 14.3% in Flamingo was sold yesterday on the Bucharest Stock Exchange (BSE), through a special transaction worth 36 million RON (10.7 million euros). The Oresa representatives however, refused to comment on this information. Following the transaction, the Swedish fund remained with a stake of a little more than 10% of the company. The shares have been sold at the price of 3.2 RON per share, which is 17% below the sharese closing price yesterday. Flamingo shares yesterday witnessed an increase on the market, closing the day at the price of 0.39 RON per share, up by 6.5%. Acc ording to the quoted sources, the purchaser of the stake is another financial investor. One of the main purchasers of the Flamingo shares, over the recent months, has been the US-based QVT Fund. The fundes representatives said, however, that they were not involved in the transaction made yesterday. Flamingo took over the home appliance retail chain Flanco early last year, through a transaction in which Flancoes shareholders received cash and shares in Flamingo, in exchange for their stake in Flanco. Through this transaction, Oresa Ventures, a former shareholder with Flanco, became a shareholder with Flamingo, which allows it to exit the business with greater ease.