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Romania's Evergent Investments exits Agricola International Bacau

Romania's Evergent Investments exits Agricola International Bacau Evergent Investments Source: Evergent

BUCHAREST (Romania), July 26 (SeeNews) - Romanian investment fund Evergent Investments Group [BSE:EVER] said that it has sold its 2.11% stake in local poultry producer Agricola International Bacau.

The move is part of a strategic decision to reduce minority holdings and extract value from assets, while optimising the investment processes, Evergent said in a statement filed with the Bucharest Stock Exchange, BVB, on Friday.

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The investment fund added that it has sold the stake in the expected valuation parameters, at a fair value according to the National Association of Romanian Valuers and IFRS.

Evergent did not disclose the value of the deal or the buyer.

Established in 1992, Agricola International Bacau is part of local agribusiness holding group Agricola Bacau.

Formerly known as SIF Moldova, Evergent managed assets worth 2.14 billion lei ($512 million/ 435 million euro) at the end of 2020. Some 44.4% of the companies in its portfolio operate in the financial sector, 15.4% in energy, 6.2% in manufacturing, 6% in real estate and 28% in various other sectors, according to data published on its website.

Evergent's shares closed 1.50% higher at 1.35 lei on the Bucharest Stock Exchange on Friday.

(1 euro=4.9219 lei)

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