Board President Ups Stake In VES Sishisoara To 45.13%

05.20.2011 By Andrei Circhelan

The managing board president of Romanian stoves and pots maker VES Sighisoara (VESY.RO), Alexandru Farcas, on Friday announced the purchase of another 13.4% in the company, through Chimsport Orastie.

Chimsport Orastie, owned by Chimica Orastie, where Farcas is also the board president, on Thursday bought 16 million shares in VES Sighisoara at 0.1047 lei (EUR0.025) per share, up 14.9% on the closing price of the previous session.

The bulk of the stake bought, namely 11.85 million shares, came from Debrocons, owned by Chelu, whose stake in VES shrank to 16.6%, from 26.5%.

Thus, Chimsport now holds a 45.13% stake in VES, from 28.43% before the purchases made over the past two days.

VES shares were trading mid-Friday at 0.0775, down 0.13% on the day.

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

VES posted sales of RON8.3 million in the first quarter, up 44% on the year. Its loss widened to RON422,000, from RON18,000 in the first quarter of 2010. (EUR1=RON4.1254)