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Foreigners hold 70% in most valuable 100 companies in Romania

At present, the foreigners hold 70% in the most valuable 100 local companies, the state - 25%, while the Romanian entrepreneurs hold less than 5%.

The value of the stakes held by the Romanian entrepreneurs in the most valuable local companies amounts to 2bn euro, whereas one year ago the same stakes were put at 3bn euros.

Overall, the 100 most valuable companies are worth over 25% less than one year ago, at 70bn euros, according to the third edition of Ziarul Financiar's Top 100 Most Valuable Companies of Romania. While the assessment was based on the 2007 financial results sent to the Trade Registry, the valuation multiples taken into account were adjusted to the level of October.

'This depreciation is normal because growth outlooks are dimmer. On the short term, the value decline can be viewed as a loss to entrepreneurs, but on the long term it depends very much on how these companies will come out of the crisis. I believe entrepreneurs can benefit from this period through acquisitions or partnerships,' said Cristian Manole, a business analyst with Capital Partners.

If the entrepreneurs with significant stakes had sold them a year ago they would have got 30% more than today, Manole added.

The heaviest loss in this regard is that of businessman Zsolt Teszari, whose 43% in RCS&RDS telecom operator is now worth 339m euros instead of 709m euros a year ago. Second heaviest loss was incurred by Ion Tiriac, who owns stakes in three of top 100 companies, which are now worth over 700m euros instead of over 1bn a year ago. The value of his stakes, which include 15% in retailer Metro, 44% in insurer Allianz-Tiriac and over 40% in UniCredit Bank, exceed 700m euro versus over 1bn euro a year ago.The value of the 5% stake held by Catalin Chelu in SIF Oltenia and SIF Moldova is four times lower.

The ‘Top 100 Most Valuable Companies of Romania' ranking, published by Ziarul Financiar in cooperation with investment house Capital Partners, includes 13 companies that are listed on the Bucharest Stock Exchange (BVB), half versus last year, because of the financial crisis and drop in the price of shares.

 

Sursa: http://www.rompress.ro

Tags: companies euros valuable stakes entrepreneurs euro sif bvb

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