IBERIAN Structured Investments is the new majority shareholder of ARDAF
Romanian insurer ARDAF has a new majority shareholder, after the Dutch company IBERIAN Structured Investments bought a total of 523,807,700 shares in the company. The transaction was realized as a result of the input in nature of these shares to the increase of the social capital of IBERIAN, operated by the Cypriot company SABILE Limited.
As a result of this direct transfer to the increase of the social capital, IBERIAN Structured Investments gets to hold 72.75% of the social capital and of the voting rights of ARDAF, according to the report published by the insurer on the Bucharest Stock Exchange.
SABILE Limited owns 100% of IBERIAN Structured Investments, so the structure of ARDAF's indirect shareholders remained unchanged.
The operation is a preliminary stage of the transaction between PPF ALPHA Limited, as owner of SABILE Limited and indirect shareholder of ARDAF, and GENERALI PPF Holding, notified on June 25th.
At the end of June 2008, GENERALI PPF Holding signed a deal with the Czech investment group PPF Investments, regarding the acquisition of the majority package of shares of the companies ARDAF and RAI Asigurari. As a result of this agreement, GENERALI PPF is to hold 72.7% of ARDAF and 99.9% of RAI Asigurari.
ARDAF's business raised up to RON 218 million (EUR 59.4 million) in H1 2008, with 107% over the level of gross written premiums in H1/2007, as a result of the strong advance on motor and property insurance segment. Moreover, gross premiums underwritten by ARDAF in general insurance, representing 99.69% of the portfolio, have exceeded by 38.13% the ones recorded by the company in the entire year 2007.
Author: Andreea IONETE
on 04.11.2008
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