Infinity wants to sell Argus Constanta and Comcereal Tulcea

Infinity Capital Investments has reached an agreement with Bulgarian company Buildcom Eood for a potential transfer of all shares held by Infinity in Argus and, indirectly, of shares held by Argus in Comcereal Tulcea, according to a report by the Constanta-based oil producer published yesterday on the Bucharest Stock Exchange (BVB).

"The completion of the agreement depends on the fulfillment of certain conditions precedent, including, but not limited to, regulatory approvals from the competent authorities in Romania,” the stock exchange report states.

Infinity Capital Investments owns 91.4% of Argus Constanta, which in turn owns 95.4% of Comcereal Tulcea. Argus's stock market valuation amounts to about 64 million lei, while the stock market valuation of Comcereal Tulcea - a company whose shares are suspended from trading - is 52 million lei.

The price per share in the transaction with Buildcom Eood will be determined by adjusting the amount of 14.5 million euros, adjusted according to the financial situation of Argus and Comcereal on the last day of the month preceding the moment when the contractual conditions will be met or when they are waived. The adjustments are made by reference to Argus' net debts, working capital and operating expenses for the period July 1 - August 31, 2025, but not more than 400,000 euros per month, according to reports from the BVB.

"The resulting amount will be divided by the number of shares held by Infinity, and the resulting price per share in euros will then be converted into lei using the EUR/RON exchange rate published by the National Bank of Romania on the date three business days prior to the date on which the shares will be transferred to the market," the stock exchange also mentions.

For illustrative purposes only and based on a net debt of 14.96 million lei and an adjusted working capital of 2.11 million lei as of June 30, 2025, the calculation formula would result in a price per share of 1.85 lei.

"This calculation is based on Argus' historical financial data and no one may base their decision to invest or any other decision in relation to Argus shares on such a calculation. Given that the effective implementation depends on the fulfillment of certain suspensive conditions set forth in the agreement, there is no guarantee that the transaction contemplated in the agreement will be concluded or that it will be executed at the indicative price mentioned above,” according to the BVB report.

Also on August 25, Argus entered into a non-exclusive processing agreement with Oliva AD, an affiliate of Buildcom Eood, for the processing of sunflower seeds and the production of crude sunflower oil.

Argus operates in the field of vegetable oils and fats production, with its main activity being the manufacture and sale of crude and refined sunflower oils and fats, feed meal, fatty acids. Buildcom Eood, established in 1994, is one of the most important Bulgarian companies involved in international trade in agricultural products, such as wheat, corn, barley, peas, rapeseed, sunflower, etc. Buildcom is affiliated with Oliva AD, the largest producer of crude and refined sunflower oil in Bulgaria.