Dan Ostahie, founder and chairman of the Altex Group has taken over 80% in Auto Moldova, an exclusive Dacia and Renault dealer for Neamt County, from carmaker Dacia.
The move is part of Dacia's strategy to focus solely on its core business - producing cars - especially considering that the Dacia Logan model is due out this autumn. It is therefore likely that other regional dealers that Dacia holds a stake in will be bought by businesspeople or companies on the Romanian market.
Ostahie says his decision was based on his being born in Piatra Neamt and the acquisition being a business opportunity.
The two parties did not reveal the value of the transaction. Auto Moldova sold approximately 600 cars last year, with Neamt County therefore ranking below other counties in Moldova, such as Iasi for instance, in this respect.
Auto Moldova currently holds exclusive rights to sell Dacia, Renault and Nissan vehicles throughout Neamt County. Auto Moldova will continue to operate in its current location and will expand by opening two new showrooms in Piatra-Neamt and Roman this September. The opening of four stores dealing in spare car parts in the four cities of the county is also planned for the same time. The officials estimate the investments involved will stand at about 200,000 euros.
Dacia officials estimate that sales will exceed 90,000 units throughout Romania and abroad this year, given the launch of the new model. Estimates suggest that 11,000-12,000 Logans will be sold by the end of the year, with firm orders so far exceeding 4,200 units. The commercial launch of the new model will take place early in September. Logan will allow the Romanian carmaker to start making a profit for the first time since the arrival of Renault as shareholder in September 1999.
Dan Ostahie is the founder of the Altex Group, which currently consists of the Altex electronics and home appliances retail chain, the logistics and transport company 8TIM, the distribution and wholesale company Italromtex and Complet Electro Serv, which specialises in the service and production of IT systems. Furthermore, the group held by the Neamt-born businessman has opened a chain of large electronics and home appliances stores under the name 'Media Galaxy' this year, with stores currently operating in Bucharest and Cluj.
The Altex chain announced sales of more than 136 million euros for 2003, and turnover of 115 million euros. Its main competitors in Romania are Cosmo, Domo and Flanco, as well as international retailers such as Metro, Carrefour, Selgros and Cora.
ionut.bonoiu@zf.ro
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