14 May 2007 - Swiss investment fund Julius Baer International Equity Fund has acquired a 5.72% stake in Romania's dairy firm Albalact for 9.5 mln Romanian lei (2.89 mln euro), reports the local press.
The Swiss fund is believed to have paid a price per share of 1.76 lei (0.54 euro) for the Albalact stake.
Albalact recently increased its share capital by 10 mln lei (3.05 mln euro) to 19.43 mln lei (5.93 mln euro) via the issue of new shares.
Local investor Petru Ciurtin now sees his stake in the Romanian dairy producer to 36.2% pct from 49.2%, while investor Raul Petru Ciurtin increased his stake to 16.03% from 14.32%.
In February 2007, FLEXNEWS reported that Albalact sold a 7.2% stake for a total of 15.9 mln Romanian lei (4.7 mln euro) in two transactions on the Bucharest Stock Exchange.
Also, in November 2006, Cyprus-based investment fund Reconstruction Capital II acquired almost 11% of Albalact, raising its participation stake to 16.2%.
Albalact finished 2006 with a profit of more than 1.3 mln euro, up 64% on the year. Company turnover amounted to 29.088 mln eur, up by 70% on the year.