Dan Adamescu, surprise buyer of Flamingo stock

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Dan Adamescu, surprise buyer of Flamingo stock

The owner of Bucharest’s Unirea Shopping Center, businessman Dan Adamescu, is one of the top buyers of a 12 percent share package of household appliance and electronic product retailer, Flamingo International, in a deal worth close to €600,000, according to market sources. “Dan Adamescu is taking advantage of the massive depreciation of some stock market shares, which became much cheaper than the sales capacity of those companies,” a source said. Contacted by Business Standard, Adamescu declined to comment on the issue. However, this would not be the first move the businessman makes on the stock market recently. After he took over the Rex hotel in the seaside resort of Mamaia last year, Adamescu became a shareholder of Compania Hoteliera Intercontinental Romania (CHIR), owner of the five-star InterContinental hotel, through his Nova Trade company. Furthermore, Adamescu entered the real estate field with the takeover, through two companies, of a currently frozen residential project in the southeastern city of Constanta. Adamescu also controls insurer Astra Asigurari Uniqa and the “R” company, publisher of the Romania Libera daily. Main Flamingo shareholders at this time are business people Dragos Cinca, with 25.19 percent, the QVT investment fund, with a 15.16 percent share, and Flanco Holding, with 10.58 percent. (A.N.I.)