Distressed assets manager ROCA takes 18% stake in RO chemical plant

The investment and management platform ROCA, launched by the CITR Group, took over an 18% stake in chemical producer Sinteza Oradea, one of the largest companies in Bihor county, which specializes in manufacturing organic chemicals.

The stake is worth RON 3 million (EUR 638,000, at today’s share price on the Bucharest Stock Exchange.

At the same time, BT Asset Management sold a 33.8% stake in the company.

"Sinteza is a challenge and an opportunity for ROCA, considering both the responsibility we feel towards the company's history and prestige, as well as its development potential. We are confident that in the near future, with our involvement, the activity of the company will be extended and that the chemical industry in Oradea and Romania will reach a new stage of development. Sinteza has the potential to support such growth,” said Alex Savin, ROCA Investment Board Member.

Sinteza is the sixth transaction carried out by the ROCA platform.

"We will actively collaborate with the other shareholders and with the management of the company and we will identify the best ways to transform Sinteza into a new Romanian success story," Savin added.

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