Retrasib Shares OKed For Transfer To Bucharest 2nd Tier

05.18.2011 By Florentina Dragu

Romanian engine maker Retrasib Sibiu (RTRA.RO) was given green light to transfer its share from Rasdaq market to the Bucharest bourse’s second tier, pending approval from the stock exchange’s Board.

The market operator also approved listing a 17-year bond issue worth 100 million lei (EUR24.3 million) launched by Timis County Council.

Retrasib has a share capital of RON5 million, divided into 50 million shares with a face value of RON0.1.

The company is 58.16%-owned by brothers Octavian and Calin Buzoianu.

Despite their intent to transfer Retrasib to the Bucharest bourse, the two brothers have launched a takeover offering amounting to nearly EUR2.6 million for the remaining shares in Retrasib.

After they had increased their stake to 95%, Octavian and Calin Buzoianu will be able to delist the company.