September 9 (SeeNews) - Romanian real estate developer Impact Developer & Contractor [BSE:IMP] said that it completed the takeover of 51% of local mechanical and electrical engineering company RCTI Company.
The transaction worth 14.4 million lei ($2.96 million/2.96 million euro) was endorsed by Romania's anti-trust body in August, Impact said in a report filed with the Bucharest Stock Exchange, BVB, on Thursday.
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Following the transaction, RCTI would be better funded in order to adapt to the increase in the amount of construction works performed primarily in partnership with Impact, the real estate developer said in a statement filed with the BVB in July.
At present, Impact and RCTI Company are developing general contracting agreements of over 50 million euro ($50 million) for the construction of buildings in the Greenfield Baneasa complex, located in the north of Bucharest.
IMPACT Developer & Contractor is one of the largest real estate developers in Romania. The IMPACT group has companies in its portfolio that build large residential projects in the nation's major cities and offer their clients services like management and property maintenance, loan brokerage, interior design, and real estate lease and sale.
Its shares traded 1.88% lower at 0.4180 lei by 1348 CET on the Bucharest Stock Exchange on Friday.
(1 euro=4.8707 lei)