Cypriot investment fund Lindsell Enterprises Limited managed to acquire, only 97,000 shares of Asirom within the public buying offer opened at the beginning of this week. The company thus bought less than 0.8 percent of the company's stock.
On the other hand, Lindsell Enterprises' rival in the acquisition of Asirom stock, Banca Turco-Romana (Romanian-Turkish Bank-BTR), did not succeed, within its own buying offer, to acquire any Asirom share. The operation initiated in May 24 ended without any subscriptions, because during this period, there were prices on the market exceeding the one offered by BTR per one share of the insurance company. At that time, the bank's officials had stated that BTR did not plan to launch a new buying offer during the following period.
BTR wanted to buy almost 13 million Asirom shares at a price of 13,500 lei per share, with a face value of 1,000 lei.
Lindsell's buying offer, which was placed on Rasdaq market during the period June 14-July 3, had in view the acquisition of a stake of 12,268,612 shares, namely 42.0476% of Asirom capital.
The price the investment fund offered per one Asirom share came to 14,870 lei per share, 1,370 lei per share higher than the rival offer launched by the Romanian-Turkish Bank.
The Cypriot fund is represented in Romania by the same person who represents the most important investor on the Romanian capital market, Broadhust fund, Andrei Siminel.
"The bid by Lindsell Enterprises had a relative success, considering the price, which was much higher than the one offered by BTR," said a capital market operator.
On the other hand, some traders state, Broadhurst investment fund is practically behind this offer. The fund is willing to buy from the market 10 percent of Asirom stock.
Asirom has a share capital worth 29.2 billion lei, divided into shares with a face value standing at 1,000 lei. Significant shareholding structure includes Interagro company, which holds the main stake, of 33.04 percent, the State Ownership Fund controlling a stake of 26.84 percent, Astra Romana Refinery with 15.41% of stock, Banca Agricola with 9.96 percent of the company's capital and Broadhurst Investment Limited, which has contribution of 6.92 percent in Asirom capital, the rest of stock being divided among small shareholders (6.9 percent).
Asirom holds about half of the Romanian insurance market. Last year, it registered turnover standing at over 100 million dollars. Interagro became the main shareholder in Asirom following a private placement operated in the summer of 1998, through which the weight of SOF went down from 70 to 27 percent.
Asirom stock is traded on Rasdaq secondary market. The last average price stood at 13,000 lei/share.
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