Who sold Adamescu 20% of Flamingo

According to Flamingo’s management, the main sellers were foreign investment funds, who owned less than 5 percent of the company. “We were interested in knowing if one of the major shareholders sold out, but none of these reduced his participation,” said Dragos Simion, President of Flamingo International.

At the end of last year, four foreign investment funds together controlled 15.5 percent of the company, according to Bloomberg data.  The Swedish East Capital had the largest share, of 4.26 percent, while a 3.8 percent share belonged to the Swiss Pictet Asset Management.  Gustav Capital and Swedbank owned 3.7 percent each of Flamingo shares.
 
Dragos Cinca remains majority shareholder of Flamingo International, with a 25.2 percent package.  According to reports available on the Stock Exchange, the American QVT investment fund controls 15.16 percent, while Deutsche Bank and DWS Polonia own 6.48 percent of the retailer’s shares.
 
Flamingo shares rose sharply on the Stock Exchange at the beginning of February, reaching RON 0.31 per share, up 35 percent.  The company’s market value is now €5.6 million.
 
Adamescu has been acquiring Flamingo shares as far back as mid-February. On February 11, he paid RON 2.7 million for 12.3 percent of the company, having acquired several packages on the Stock Exchange previously, to raise his participation to some 20 percent, and the value of the transaction reaching approximately €1 million. The last package of 18.64 million shares, worth RON 0.55 mln (€0.13 mln), was acquired on the Stock Exchange in Monday’s session.