Midfair Management Services SRL is controlled by an offshore in Cyprus by the same name, whose head office is in Unirea Shopping Center. When contacted by Business Standard, Adamescu declined to make any comments.
This makes Dragos Cinca, founder of Flamingo 15 years ago, secondary shareholder, after reducing his participation to 25.2 percent in the past few years. Two years ago, Cinca announced his intention to gradually withdraw from the company, in order to direct himself to other sectors, such as real estate.
Adamescu appointed his son, Alexander Adamescu, as Chairman of Flamingo, one of the top three electronics, household appliance, and IT&C product retailers on the local market, with net sales exceeding €200 million in 2008.
The price of Flamingo International (FLA) shares gained 14.36 percent yesterday, to RON 0.0462, after the first 50 minutes of trading on the Bucharest Stock Exchange (BVB), while the rest of the stock market continued to register only slight increases, of 0.6 percent.
