EnglishBrokerage company BT Securities sold on Wednesday over 800.000 shares in Banca Transilvania, that is 27% of the stake held in the bank, for an average price of 1,1137 RON, according to a report to the Bucharest Stock Exchange.
BT Securities obtained approximately three million shares in Banca Transilvania following conversion of bonds issued by the same bank. The bond conversion took place on November 1st 2006 and was done at a price of 1,0587 RON. The price obtained by BT Securities on Wednesday is approximately 5,2% higher (0,0550 RON) than the conversion price. BT sold the shares to avoid cross holding within the group, accordind to the company"s financial policy.
BT Securities and Banca Transilvania are both part of the Banca Transilvania Financial Group and Banca Transilvania holds 95% in BT Securities.
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