Conex Iasi pays 5m euros for Marub Brasov

On Monday, Iasi-based industrial group Conex, held by Ioan and Tereza Prisecaru, bought a 97% stake in the Brasov-based Marub company, which operates in the field of production and repair of rolling stock, in a transaction conducted on the RASDAQ market. Conex paid 19.27 million RON (5.5 million euros) for the stakes of Marub's two main shareholders. SIF Transilvania had a 56.4% interest in Marub, while Tehmin Brasov held an approximately 40.4% stake. SIF Transilvania collected a higher price per share than Tehmin. SIF Transilvania sold its shares for 16.5 RON/share and collected 3.5 million euros, while Tehmin got 13 RON/share or a total of 2 million euros. Marub is currently in a difficult financial situation, prompting SIF Transilvania to propose in its latest General Meeting that the company be considered insolvent and a financial recovery plan be implemented. "We feel our current situation will improve after being taken over by Conex. A capital increase may follow," stated Marub's general manager, Andreiu Boeriu. He said the company's difficulties had been triggered - to a large extent, by not having collected receivables from the CFR (Romanian National Railway Company), which rendered it unable to pay some of its debts, although it did have orders.