Board President Buys 3.3% Stake In VES Sighisoara

05.19.2011 By Andrei Circhelan

The managing board president of stoves and pots maker VES Sighisoara (VESY.RO), Alexandru Farcas, bought Thursday a 3.3% stake in the company, through Chimsport Orastie, upping its stake to 31.73%.

The transactions came after businessman Catalin Chelu announced that one of his companies bought a large stake in VES.

The Debrocons company, owned by Chelu, bought Tuesday a 22.97% stake in VES. Wednesday, Chelu bought through the same company 3.39 million shares and through another one of his companies, Goras Consulting, 895,000 shares. Thus, Chelu now holds 26.5% of VES Sighisoara.

Since the beginning of the week, VES shares rose 50%, from 0.06 lei (EUR0.014) Friday to RON0.09 at closing Wednesday.

VES has a share capital of RON11.8 million, divided into 118.8 million with a face value of RON0.1.

The company posted sales of RON8.3 million (EUR1.9 million) in the first quarter, up 44% on the year, and a loss of RON422,000. (EUR1=RON4.1254)