Saudi Al-Arab Reaches 96.6% Ownership of Electroputere Craiova

Romanian power transformers producer Electroputere Craiova (EPT.RO) is free to delist from the Bucharest Stock Exchange after its majority shareholder ended an offering to buy a minority stake.

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Al-Arrab Contracting Company was looking to buy 46.3 million shares, or 4.46% of the company's share capital, which was the amount of shares available for free float on the Bucharest Stock Exchange.

The company bought back 11.4 million shares within the offering and raised its stake from 95.53% to 96.63%. The offering period ended on March 3.

Electroputere Craiova was established in 1949 and became a holding company in 1991. It was privatized in 2007.

The company is in the process of closing its operational activity and was left with just 37 employees at the end of 2019.

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