Hanul Piratilor sold for 4m euros

SIF Muntenia has closed a deal for the sale of its entire stake in the Navodari-based tourism complex, Hanul Piratilor (Pirates' Inn). SIF Muntenia is set to receive some 14 million RON (4 million euros) for its 4 million shares (84.4%) in the company. The price at which the transaction will be conducted is 3.551 RON/share. "We are always open to sell if we are offered a good price. The sum for the sale of the stake in Hanul Piratilor covers both the initial investment, as well as the investment we have conducted over time, which has resulted in us making a profit we consider satisfactory under the current circumstances," says Petre Szel, chairman of Muntenia Invest, the company that manages SIF Muntenia. He says he cannot offer further details on the sale for the time being. SIF Muntenia became a shareholder of the company in 2003, acquiring 80% of shares of Hanul Piratilor SA for 2.1 million dollars (1.85 million euros), paid in several instalments. The transaction was conducted at a price of some 3.32 RON/share (0.88 euros/share).