SIF5 offloads stake in Automobile Craiova for 18 mln euros

Financial Investment Company Oltenia (SIF5) sold its of 4,32 mln shares in Automobile Craiova carmaker(AUCS) for 75.2 mln lei (18 mln euros).

The shareholder disposed of its stake at an average price of 17.05 lei/share up 2.94% from yesterday trading quotas.

The buyer of the 22.58% chunk of AUCS share capital is Ford Motor Company, the biggest stockholder of the carmaker. Ford is now managing 95.25% of Automobile Craiova.

Ford Motor acquired the majority stake in AUCS from Romanian state for 57 mln euros in March 21, 2008.

Automobile Craiova booked 1.86 mln lei net profit last year, up 28% from a year earlier, after cost trimming strategy resulted in a 12.3% cost saving.

The company has a share capital of 39.78 mln lei, divided into 18.94 mln stocks at a nominal value of 2.1lei. The capitalization of the company stands at 322.05 mln lei (77 mln euros), according to the yesterday’s closing quotas.

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