Emma Capital Investment Fund, controlled by Czech businessman Jiri Smejc, has taken over a small-sized natural gas distribution and supply firm in Romania through Ligatne, the group’s investment vehicle that also holds local gas distributor and supplier Premier Energy, Profit.ro reported.

The seller was Amarand SA, once a major construction company in the western part of the country, controlled by several dozens of individual shareholders plus an investment fund managed by the Dutch asset management company Arcona Capital.

Amarand SA went bankrupt in 2015. Emma Capital paid RON 4.4 million (nearly EUR 1 mln) plus VAT for the company Amarad Distribuție, which operates under a concession contract the natural gas distribution network in the city of Simleu Silvaniei and the commune of Crasna in Sălaj county.

Amarad Distribuţie secures the distribution and supply of gas for about 3,400 customers in the two localities and operates a 45 km distribution network.

The company reported RON 0.43 mln (EUR 91,000) net profit and RON 7.22 mln (EUR 1.53 mln) turnover last year.

The acquisition was the result of a tender organized by the sole shareholder of Amarad Distribuţie, the Arad-based construction company Amarad SA, which went bankrupt in 2015.

Amarand used to be one of the largest builders in western Romania, specialized in industrial works, including for gas transport and distribution infrastructure.

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editor@romania-insider.com