Blue Air manager gives up his Marriott shares

Racaru sold his shares on the Rasdaq market, for some half a million euros. ‘‘I gave my broker the green light to sell my ONT Carpati shares,’‘ he told Business Standard. Market sources confirmed that Racaru’s share package was among Rasdaq transactions. However, Racaru said he has not yet received confirmation of any transaction.

The Blue Air manager added that he might reinvest the money from ONT Carpati shares on the stock exchange. ‘‘My broker’s advice will be important to choose company shares to buy,’‘ Racaru said.

The businessman started buying ONT Carpati in 1996. The company’s shareholders changed in the past few months, as its main shareholder, Cyprus-based New Marathon, sold controlling interest to investment company Gosman Properties Ltd, owned by the Bank of Cyprus.  As of early February, Gosman Properties Ltd owned 75.88 percent of the company, and issued a public offer to buy all of ONT Carpati shares.

With a 30 percent share package, ONT Carpati is one of the three shareholders of the company, The Grand Hotel Companies Society (GHES), which owns the JW Marriott hotel in Bucharest.

The JW Marriott posted net sales worth €38 million in 2006 and profits are estimated to exceed €15 million. Thus, some €5 million belong to ONT Carpati, according to its share package. By selling its stocks in ONT Carpati, Racaru is theoretically giving up €250,000 from the Marriott.

However, Marriot shareholders are not cashing in dividends, according to information on the market, as the company has borrowed money from Erste Bank to refinance its €80 million debts to the Romanian state.

‘‘I gave my broker the green light to sell my ONT Carpati shares'' Gheorghe Racaru General Manager, Blue Air

Shareholder
With a 30 percent share package, ONT Carpati is one of the three shareholders of the company, The Grand Hotel Companies Society (GHES), which owns the JW Marriott hotel in Bucharest.