Bank of Cyprus majority shareholder in ONT CarpatiPublish date: 06-02-2007
Bucharest - The New Marathon Tours company registered in Cyprus has sold its majority stock in the ONT Carpati travel operator to the Bank of Cyprus financial group. The stock of 72.9 per cent was bought by the Bank of Cyprus for EUR 3.4 M, according to the Cypriot ‘Financial Mirror’ publication. The bank took over 75.89 per cent of ONT. The ONT shares will be recorded by the group as investment available for sale. The package was bought through Gosman Properties, a company controlled by the Bank of Cyprus.
Another shareholder in ONT Carpati is Gheorghe Racaru – 5.27 per cent; the remaining 21.83 per cent are controlled by other shareholders. The new majority shareholder intends to put in an offer for the shares it does not own, as, under the Romanian legislation, it has two options: either make the offer or reduce its shareholding to under the threshold of 33 per cent.
The ONT shareholders approved a loan of EUR 8.5 from the Bank of Cyprus, last year, to refinance existing loans and to pay some outstanding debts. The collateral offered for that loan consisted of the New Montana Hotel in Sinaia and the accounts receivable in connection with a litigation between ONT Carpati on the one hand, and Astra Trading. Banca Comerciala Romana and AVAS as defendants on the other hand. The company reported RON 9.1 M turnover and RON 2 M losses in the first nine month last year.
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