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Impact faces takeover

25 September 2013

ROMANIA The shareholding of Gheorghe Iaciu in Impact Developer & Contractor has grown to over 33 pct, the threshold at which under Romanian law he is compelled to make a mandatory takeover offer for the entire share capital of the company.

Gheorghe Iaciu, who is the owner of the Doraly Expo Market, a commercial centre and business park in Afumați in Southern Romania, began investing in Impact, the developer of the Greenfielsd residential estate in Bucharest, in March. Now, he is to offer RON 19.6 mln (EUR 4.4 mln) at RON 0.16 per share for 122.6 mln shares representing the remaining 62 pct stake in the Bucharest Stock Exchange listed company. The offer should be completed by October 16th.



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