Florin Pogonaru Controls 40% In Prodplast Through Firm Cluster

05.05.2011 By Andrei Circhelan

Cyprus-registered Avaliser Trading, previously owned by businessman Florin Pogonaru, was reported Thursday as acting in concert with another four companies owned by Pogonaru, and together they hold a 40.11% stake in plastic items maker Prodplast (PPL.RO).

According to a report posted Thursday on the Bucharest bourse, the companies Nord, Central European Financial Services, ECDL Romania and Floreasca Development, owned by Pogonaru, are acting in concert with Avaliser Trading, which holds 9.46% in Prodplast.

Avaliser Trading bought 6.34% in Prodplast on March 21, from Broadhurst Investments Limited, adding the new stock to the 3.1% it already controlled. Broadhurst sold its remaining shares to regional investment fund SIF Oltenia (SIF5.RO) the same day, which now holds 17.15% in the items maker.

Following the transactions, Pogonaru said he is no longer the owner of Avaliser Trading, as he has sold it. On the other hand, the Cyprus-based firm is a shareholder of Floreasca Development.

Bourse data from 2010 showed Pogonaru holds over 33% in Prodplast through his companies, which required him to make a takeover bid. The businessman did not make such a bid, which prompted securities regulator CNVM to issue warnings against Central European Financial Services and ECDL Romania.