France's Societe Generale, majority owner of BRD-Groupe Societe Generale, bought the state's remaining 7.3 per cent last week. AVAS said Societe Generale, the sole bidder for the stake, agreed to pay Ђ43m for it and that it would also pay dividends for the stake after shareholders decide how much dividend BRD would pay this year.
"Following the acquisition of the 7.32 per cent stake in BRD from AVAS, Groupe Societe Generale holds 58.32 per cent in BRD," BRD-Groupe Societe Generale said. Five Romanian investment firms hold around five per cent each in BRD. The European Bank for Reconstruction and Development owns 4.99 per cent, while other investors have a combined 10.91 per cent.
BRD's net profit climbed 39 per cent to 2.47 trillion lei (US$80.40m) in the first nine months of 2004 from the same 2003 period.
Source: Bucharest Business Week
