Romanian Insurer Astra Buys 16.2% In Intercontinental

04.20.2011 By Florentina Dragu

Romanian insurance company Astra (ATRA.RO), owned by businessman Dan Adamescu, paid 16.9 million lei (EUR1=RON4.0858) for a 16.22% stake in hotel operator Intercontinental (RCHI.RO), broker Carpatica Invest said in a statement Wednesday.

Romanian insurance company Astra (ATRA.RO), owned by businessman Dan Adamescu, paid 16.9 million lei (EUR1=RON4.0858) for a 16.22% stake in hotel operator Intercontinental (RCHI.RO), broker Carpatica Invest said in a statement Wednesday.

The shares were bought from RHIC Holding, headquartered in Luxembourg.

Following the move, Adamescu increased his holding in Intercontinental to 31.96%.

RHIC Holding has sold its entire 49.12% stake in Intercontinental earlier today, in two negotiated deals on the Bucharest market.

The second buyer is unknown yet.

Intercontinental has a share capital of RON83.3 million, split into 833.5 million shares with a face value of RON0.1.

Wednesday, Intercontinental closed down 24.82% at RON0.0857, amid low volumes.

The company reported a loss of nearly RON16 million in 2010, 6% wider on the year.