Ioan Popa, general manager and former majority shareholder of the third-largest pasta producer on the Romanian market, has invested a portion of the money secured from the sale of the majority stake in Pangram, in a 12m-euro residential complex in the city centre of Resita. Resita First project will be completed next December. "I made the decision to enter the real estate market at a time when this sector was on an upward trend, and I sold a stake in Pangram Monte Banato (in June 2007)," said Ioan Popa, who currently holds 60% in real estate project Resita First, with the remaining 40% held by another two shareholders, whose names he did not wish to reveal. Last year, businessman Ioan Popa sold 60% of Pangram, producer of pasta brand Monte Banato, to Italian group Foodco, one of the leading producers of Italian croissants, in a deal worth around 10m euros.
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