UPDATE: GM Invest Sells 22% Stake In VES Sighisoara For RON2M

05.17.2011 By Andrei Circhelan

Bucharest-based brokerage firm GM Invest on Tuesday sold a 22% stake in Romanian stoves and pots maker VES Sighisoara (VESY.RO) in one transaction on the Bucharest bourse’s deal market, for 2 million lei (EUR487,000), after buying almost 10% in previous sessions.

The 26.24 million shares were sold at RON0.078 per unit, 13.04% higher than the market price, bourse data showed.

Earlier today, GM Invest announced it has upped its stake in VES by 9.3%, to 22.08%.

The brokerage firm bought Monday 11.45 million shares at an average price of RON0.0657, 9.5% above Friday's closing price.

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

According to the latest reports, Chimsport Orastie, owned by VES board president Alexandru Farcas, holds 28.43% in the Sighisoara company.

VES shares closed Tuesday at RON0.0793, up 14.93% on the day. (EUR1=RON4.1051)