Adamescu to sell off Brasov mall in search of liquidity

“As far as I know, the decision to sell the Brasov mall is one in principle, and no negotiations are taking place for the sale.  I do not believe it will be sold in the coming period.  For the time being, we are interested only in obtaining the agreement of the General Shareholders Meeting (GSM).  The situation is similar for the approval of the sale of 7.66 percent of the share capital of Unirea Shopping Center in Bucharest,” according to a source for Business Standard.

In a recent interview for Business Standard, Dan Adamescu, businessman who controls the two malls, said he would not sell either the Bucharest or the Brasov mall, as these yield significant revenue.  The market value of the Bucharest commercial center is €48.6 million, according to the latest price on the electronic Rasdaq market, where the company is listed.  A 7.66 percent share package would thus be worth some €3.7 mln.

The majority shareholder of the Unirea Shopping Center is the Nova Trade company, controlled by Dan and Carmen Adamescu, with 74.16 percent of the share capital, and Dan Adamescu owns a further 3.89 percent in his own name.