Large Stake In Bucharest Hotel Intercontinental Sold For RON51.14M

04.20.2011 By Andrei Circhelan

A 49.12% stake in Bucharest hotel Intercontinental (RCHI.RO) was sold Wednesday on the Rasdaq market of the Bucharest bourse, for a total 51.14 million lei (EUR1=RON4.091).

A 49.12% stake in Bucharest hotel Intercontinental (RCHI.RO) was sold Wednesday on the Rasdaq market of the Bucharest bourse, for a total 51.14 million lei (EUR1=RON4.091).

The 409.46 million shares were sold in two transactions, at a price of RON0.1249 per unit, up 9.56% on the market price.

The stake is similar to the one held by Luxembourg-registered RHIC Holding, which sources in the market say is controlled by the Paunescu family.

Other shareholders include The Nova Group Investments Romania, owned by Dan Adamescu, with a 15.7% stake, and hotel operator Lido, with 11.8%.

Intercontinental shares were trading mid-Wednesday at some RON0.117, up 3.07% on the day.