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Nicolae Malaxa’s granddaughter sold 0.2% of Property Fund shares

The biggest shareholder of the Property Fund, Georgia Palade van Dusen, the granddaughter of former industrialist Nicolae Malaxa, sold 0.2% of Property Fund shares in August for which she received 11 million lei (about 2.6 million euro).

Georgia Palade van Dusen sold in August 25.6 million Property Fund shares and her participation dropped from 6.69% in July to 6.49% , according to a report sent by Bucharest Stock Exchange Fund.

The shares were worth 0.4495 lei and at this quotation the package owned by Georgia Palade is 402.2 million lei (94.9 million euro).

Property Fund shares were under transaction in August at prices varying between 0.4325 lei/share and 0.515 lei/share, but in most sessions the price was 0.44 and 0.46 lei/share. Calculated at a price of 0.44 lei/share, the package of shares offered by Georgia Palade was worth 11.2 million lei (2.6 million euro). At a price of 0.46 lei/share, the amount would have been 1.8 million lei (2.7 million euro).

Nicolae Malaxa's daughter, Irina Malaxa, married scientist George Emil Palade in 1941, the only Romanian to have received the Nobel Prize for Physiology and Medicine in 1974. They went to the USA in 1946 where they settled. They had a girl, Georgia and a boy, Philip. After the fall of the communist regime, Nicolae Malaxa's grandchildren, Georgia Palade van Dusen and Philip Palade and Loreen Ellen Malaxa (the wife of a deceased nephew) requested from the Romanian state shares of over 310 million dollars with the Property Fund for compensations, in exchange for confiscated properties.

The National Authority for Property Return, granted them bonds for the compensation of Nicolae Malaxa's descendants in 2006. The bonds turned into shares at Property Fund.

Sursa: http://www.actmedia.eu

Tags: shares million property palade nicolae share georgia malaxa euro