Asesoft buys Flanco, banks also become shareholders

Asesoft group, owned by Romanian investors Sebastian Ghita and Iulian Stanciu, has taken over the majority share package in IT&C retailer Flanco, the retailer has announced. The new owners will inject EUR 4 million into the retailer's capital in the following months, while banks will receive EUR 10 million in the following six months, according to Flanco's reorganization plans. Bank ING, Unicredit and BRD-GSG will also be among shareholders of the new Flanco structure, with 40 percent of the shares. Flanco has entered insolvency after accumulating debts to several banks and was looking for an investor to inject some cash into the company. The company announced it managed to exit insolvency after eight months, in July this year, after submitting a reorganization plan. Asesoft took over Flamingo's distribution division in 2009. Asesoft also owns 51 percent of online retailer eMag.ro. IT&C retailer Flanco also runs an online sales platform, besides its network of stores across Romania. Asesoft, eMag.ro and Flanco have a cumulated volume of yearly sales estimated at USD 500 million. romania-insider.com