SIBIU - BUCHAREST, SCORE 3 - 0 WHEN IT COMES TO THE NUMBER OF LISTINGS IN 2014Sibex has snatched "Aro Palace" from under the nose of the BSE

ADINA ARDELEANU (Translated by Cosmin Ghidoveanu)
Ziarul BURSA #English Section /

Sibex has snatched "Aro Palace" from under the nose of the BSE

The "Aro Palace" hotel will be listed on Sibex starting today, even though some time ago, its majority shareholder, SIF Transilvania, was considering taking it public on the Bucharest Stock Exchange.

Thus, the score for IPOs has already reached 3-0, this year, in favor of the Sibiu Exchange, after SIF Transilvania has listed "Feper" and "Romradiatoare" on Sibex. These companies have seen no trades yet.

Last year, the IPO match was won by the BSE, with 2-0, as the "twelfth player" - the state - was the only one to score. Last year's only attempt at taking a private company public - AdePlast - failed.

Voices from the market are saying that SIF Transilvania is trying to support Sibex, as it has a significant stake in the Sibiu exchange, which it wants to keep alive.

In an interview granted to "BURSA" in November, Mihai Fercală, the executive chairman of SIF3 Transilvania, told us that the Sibiu Exchange should merge with the BSE and that the SIFs should focus on that goal.

Last summer, the shareholders of "Aro Palace" in Braşov had given their agreement to its listing on the Alternative Trading System (ATS) of the Bucharest Stock Exchange, but in the end, the company will end up on the alternative trading system of Sibex, starting today.

In summer, SIF Transilvania has proposed to the mayoralty of Braşov to sell it the city's castle, owned by Aro Palace, in exchange for several plots of land and buildings worth approximately 5 million Euros. In November, Mihai Fercală told us that the company has a strategy for restructuring its assets, which was approved by the Board of Directors, which consists of selling off some assets and using the proceeds of the sale for making new investments. "This strategy is in the process of being implemented and it is very possible that this asset will be sold, according to the law, by granting the right of first refusal to the Ministry of Culture, and then to other institutions or to private investors", he told us at the time.

SIF Transilvania holds 85.74% of the shares of Aro Palace, and SIF Muntenia holds 10.37% of the shares.

The company owns the 5-star hotel Palace, and several other hotels: the Capitol (3-stars), Coroana (2-stars), Aro Sport and Postăvarul (1-star each), as well as the Cetate, Casa Pădurarului and Panoramic restaurants and the Cerbul Carpatin .

In 2012, Aro Palace had a turnover of 2012 20.9 million lei (4.7 million Euros), slightly below 2011 (21.6 million lei), and a gross profit of 176,000 lei (40,000 Euros), compared to a gain of 116,000 lei in 2011.

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