Proiect Bucharest, assessed at 50 million euros

The value of Proiect Bucharest company, one of the biggest players on the market of buildings architecture and design services grew over 60% over the past year, up to 173.1 million lei (some 50 million euros), after the takeover in 2007 by Bantisco Holdings, owned by a group of foreign investors, for some 30 million euros.
The company will split and transfer the plots of land and buildings situated in Bucharest’s district 1 to a newly established company, Alecsandri Estates, and it is taking into account the listing with the Bucharest Stock Exchange (BVB), according to a report carried by the Official Gazette.

Bantisco Holdings owns almost 90% of the company’s bonds in Bucharest, the remainder being held by shareholders. Among the shareholders who sold stakes in Proiect Bucharest is Constantin Dragan (former general manager of the copmnay). The division of Proiect Bucharest will take place with a view to rendering the company’s management more efficient and the listing with the stock exchange is a possibility taken into account for the future, depending on the situation of the capital markets.
Therefore, the company’s reorganization will allow associations with international business partners or the entry of international architecture companies in the shareholders structure of Proiect Bucharest, with a view to obtaining commitments outside Romania.
The new company resulted from division, Alecsandri Estates, will be entirely held by Bantisco Holdings, whereas the remainder of shareholders of Proiect Bucharest will receive shares of equivalent value in the architecture and design company.
Following the division, the stake of Bantisco Holdings in Proiect Bucharest will shrink from 89.4% to 83.05%, whereas Alecsandri Estates will receive two properties consisting of land and buildings, in Bucharest’s district 1.
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