Flamingo posts €0.5 mln in profit, following €15 mln losses

Meanwhile, the group’s Vice President, Dragos Simion, became Chairman of the Board of Directors, replacing the company’s main shareholder, Dragos Cinca. The former Chairman, who controls 25 percent of the group, will continue as member of the board.

Cinca is not the only shareholder of Flamingo and Flanco to quit managing positions. One of Flanco’s founders, Florin Andronescu, and other company shareholders, are to sell their stock by next month. Cinca also lowered his participation and is preparing to exit the business, according to market sources. One of the main buyers of Flanco and Flamingo shares is the QVT investment fund.