SIF Muntenia and Sea Container Services Launch Public Takeover Bid for Orșova Shipyard

After Sea Container Services acquired nearly 50% stake in Orșova Shipyard’s shares, previously held by Transilvania Alliance Investments, the new owner, in collaboration with SIF Muntenia, initiates a public takeover offer targeting the remaining shares held by portfolio shareholders.

Sea Container Shipping & Logistics will run the market operation together with SIF Muntenia (SIF4). The 2 companies aim to exercise a common policy towards the Orșova Naval Shipyard, until April 30, 2024.

The amount was equivalent to the holdings of Transilvania Investments Alliance (TRANSI) and Infinity Capital Investments (SIF5), 50% of the shares and 28.01% of the securities, respectively. SIF Muntenia was the buyer of the stake owned by Infinity and reached a 41.19% shareholding, also triggering the obligation to trigger the takeover bid. The exchanges were carried out at the price of 5.1000 lei/share, 11.30% below the reference, which places their value at 45.45 million lei. This level indicates a market capitalization of 58.24 million lei (11.77 million euros) for the company that has regular customers in northern Europe, mainly in the Netherlands.

Sea Container Services, on the market for 23 years, is controlled by Group Stone (50%, owned by Dana Bogatu and Iulia Tesleanu), Marius Făinarea and Lenuta Pilcă (25% each), according to termene.ro. Last year it had business of 101.7 million lei and a net profit of 26.8 million lei, with 224 employees.