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Owners of Romanian online store Elefant no longer willing to sell majority stake to evoMAG
The online retailer Elefant, with bonds listed on the Bucharest Stock Exchange, announced that the company's shareholders abandoned completing the sale of a 64.8% stake to Evolution Prest Systems - a vehicle controlled (64%) by the entrepreneur Mihai Ispas Pătraşcu, founder and CEO of evoMAG.
The takeover was announced in May this year when Elefant announced that two of its shareholders, Millennium Gold Resources Limited and Catalyst Romania SCA SICAR, signed a contract by which they sell their 58.84% and 9.62% stakes from the share capital to Evolution Prest Systems.
"Elefant Online informs the investors regarding the renunciation by the company's shareholders to complete the transaction," the company announced in a note to investors, quoted by Ziarul Financiar.
Elefant reported its revenues dropped to RON 53 million in H1, from RON 95 million in the same period last year, while the losses remained at the same value of RON 11 million.
(Photo source: Elefant.ro)