ASF approves mandatory takeover offer for Prefab Bucureşti by Celco Constanţa

The Financial Supervisory Authority (ASF) has approved the public offer document for the mandatory takeover of Prefab Bucureşti by Celco Constanţa, according to a report by the market supervisor, published yesterday on the Bucharest Stock Exchange (BVB) website.

The offer will be launched for almost 1.5 million shares of the Bucharest-based construction materials manufacturer, equivalent to about 3.6% of the company, at a unit price of 2.36 lei, below yesterday's market price, in the second part of the trading session, of 2.62 lei.

The market operation will take place between October 8 and 21, 2025, and will be brokered by the company Interfinbrok Corporation.

At the end of August, Marian Miluţ and Andrei Carol Stieber sold their entire holdings in Prefab to Celco, which thus reached a 96.4% ownership of the construction materials manufacturer. Celco is controlled by businessmen from Constanţa Ioan and Niculae Duşu.

According to capital market legislation, once a shareholder exceeds the threshold of 95% of a company's share capital, it has the possibility to initiate the procedure of forced redemption of shares held by minority investors (squeeze-out), a step that usually leads to the issuer's withdrawal from trading. Under these conditions, given that Celco Constanţa already controls 96.4% of Prefab Bucureşti, it is very likely that, after the completion of the mandatory public offering, steps will be taken to delist the company from the Bucharest Stock Exchange.

For the first six months of this year, Prefab Bucharest reported operating income of 41.8 million lei, 5% below those in the first half of last year and a loss of almost 1.34 million, compared to a net profit of 0.37 million lei in the first half of 2024. The stock market valuation of the construction materials manufacturer amounts to almost 110 million lei.