Astra Asigurări insurance company, held by the Adamescu family,has bought a 16.2% stake on the Stock Exchange in Intercontinental(RCHI) company, which holds the Intercontinental Hotel in centralBucharest, for 4.1 million euros, according to a report sent to theStock Exchange. The transaction values the hotel at 25 millioneuros.
Prior to these transactions, Intercontinental shares doubled onthe Stock Exchange, with Astra Asigurări buying another small stakein early April. The Nova Group has designated four candidates forthe five spots in the company's Board of Directors. Astra Asigurărirepresentatives said they had bought the shares from the market andthat the investment was not a strategic one.
"It is a portfolio investment. I don't know what company theshares were bought from, it is an investment in capital marketshares, just like our investments in SIFs (Financial InvestmentCompanies), Fondul Proprietatea (Property Fund), BancaTransilvania, BRD and Petrom. The investment is compliant with thelegislation of the insurance market. This is not a strategicinvestment, it is similar to an investment in Fondul Proprietatea.Can an investment in Fondul Proprietatea be considered strategic?,"said Radu Mustăţea, chairman of Astra Asigurări.
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