* Sibiu is closer to Braşov than Bucharest is
Even though it was Adeplast that was the first company that was supposed to be listed on the Sibiu Stock Exchange, however this hasn"t happened. In turn, the statement of Mihai Fercală, the chairman of SIF Transilvania, is a firm commitment. That is why this can be considered a first.
Aro Palace is the first company that prefers to be floated on the Sibiu Stock Exchange instead of on the Bucharest Stock Exchange.
* The listing is scheduled for the second half of the year
SIF Transilvania has decided: it will float Aro Palace on the Sibiu Stock Exchange.
Mihai Fercală, the chairman of SIF Transilvania, yesterday said that in the second half of the year, the hotel company Aro Palace Braşov will be listed on SIBEX - the Sibiu Financial and Stock Exchange.
In mid-2009, Mihai Fercală announced that it would float the Brașov-based company by the end of 2009, but he hadn"t yet decided whether it would happen on the Bucharest Stock Exchange or on SIBEX.
At its current valuation, Aro Palace would enter the top twenty largest companies listed in Romania.
SIF Transilvania intended to float Aro Palace last year, and then merge it with the two other companies that it controls - Orizont Turism Predeal and THR Prahova Ploieşti (which are both listed on Rasdaq).
The main holdings of SIF Transilvania in the hotel industry are Aro Palace (86%), THR Marea Neagră (where it holds 78%), Turism Felix (63%) and Continental Hotels (9%).
Aro Palace owns the eponymous five-star hotel located in Braşov, with a capacity of 200 rooms, and other hotels: Capitol (3 stars, 183 rooms), Coroana (2 stars, 100 rooms), Postăvaru (1 star, 60 rooms) and Aro Sport (1 star, 32 rooms). The company also owns four restaurants located in Braşov as well.
SIF Transilvania has major holdings in b
