BSGP offers EUR 37.8 million for Fabian Rom fund
22 December 2008
Black Sea Global Properties (BSGP), chaired by powerful Romanian businessman Dinu Patriciu, submitted a EUR 37.8 million bid for the acquisition of Fabian Romania investment fund, where it already holds a roughly 25% stake.
The bid was being made at a price of EUR 1 for each Fabian Romania share, almost double over the Thursday closing price on London's AIM market, the company said in a statement. The entire issued ordinary share capital of Fabian Romania was valued at EUR 50.8 million.
''I believe that our offer represents a full and fair price for Fabian Romania. Our investment in Fabian Romania allows us to fulfil my long held ambition to create a platform on which we can build a property company that will acquire and develop assets in Romania,'' said Patriciu.
Fabian Romania Property Fund is listed at London's AIM and holds stakes in more than 10 real estate projects in Romania. The net value of properties amounts to EUR 85 million.
BSGP is fully controlled by Rompetrol Holding, chaired by businessman Dinu Patriciu.
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