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December 5, 2022

Companies & opportunities

EUR 5 M autovit.ro online business record

The four shareholders of the autovit.ro website sold their business for 5 million euros. Romania’s biggest second-hand car sales site was purchased by the giant Naspers, Ziarul Financiar reports. Naspers, one of the world’s biggest media companies, is based in South Africa. This is the second-biggest online market transaction in Romania thus far, exceeded but by the recent selling of 51 per cent of the stock of eMag, the biggest online retailer, to Asesoft Distribution for a whooping 10 M euros. The four stockholders also own the Autovit second-hand car fair in Bucharest (Vitan-Barzesti Highway), Romania’s largest fair of its kind. The Naspers Group, which reported EUR 2bln in earnings last year, got legal counselling over the transaction from Dojana and the Associates law firm. The autovit.ro car-sale website was launched nearly a decade ago, with about 18,000 sale ads for cars, motorcycles, trucks, buses, spare parts and accessories at the time, a virtual replica of the Vitan auto fair.

Polish Asseco company consolidates business in Romania

Polish IT and software service provider Asseco is planning to invest over EUR 28 M in operations in Romania, Croatia and Serbia over the next three years. The company is also interested in the acquisition of other relevant companies in the Balkans, ‘Ziarul Financiar’ informs. ‘The funding is from a financial investment made by EBRD who has bought over 4.8 M shares, plus a six-year EUR 7 M loan taken out from the same bank. Through a public stock offering on the Warsaw Stock Exchange, in October 2009, Asseco raised another EUR 6.5 M’, said Asseco South Eastern Europe CEO Piotr Jelenski. He added that the previous reports in Romania and Poland suggesting Asseco’s plans to buy the largest local software producer SIVECO had been ‘exaggerated rumours’. Asseco South Eastern Europe came to Romania in 2007 when it took control over Romanian companies Fiba Software and Net Consulting for EUR 13.5 M.

Romanian Post to be restructured rather than privatized

The Ministry of Communications and Information Society reports in a press release that the privatization of the Romanian Post is not opportune under the current economic conditions, taking into account the fact that the company is a strategic organisation that should be included in the country’s national security strategy. In the context, in order for the Romanian Post to be correctly positioned in the economy, the company’s market value needs to be increased by a process of restructuring to make it perform better. The financial results of the company have degraded in the recent years because of its poor management, with the most important source of income being the distribution of social benefits, whilst performance on segments subject to competition has been poor. All these are good reasons for the implementation of the ‘Roland Berger’ restructuring plan designed to prepare the company for performance in a competitive environment. ‘The restructuring strategy entails the preservation of existing jobs and even the increase of the total number of positions on specific segments in the next five years. The study shows the fact that an improvement in the company’s performance would become visible in the first year of implementation’, Communications Minister Gabriel Sandu said.

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