Romanian insolvent insurer sells 160 million shares to get EUR 95 mln

Romanian insolvent insurer Astra Asigurari has put up for sale 160 million shares, with RON 2.66 (EUR 0.6) per share, to raise EUR 95.7 million. The Financial Supervisory Authority (ASF) has asked for a capital increase, so that the company’s solvency and liquidity indicators return within legal limits. Astra Asigurari could find out in July whether there is any strategic investor interested in acquiring it, said Misu Negritoiu, president of the country’s Financial Supervisory Authority. Astra Asigurari has been under financial administration for almost a year. Its fate is still unclear, as the company’s liquidity ratio approaches zero. “We are in talks with several strategic investors,” said Negritoiu. The best scenario for the insurer is a capital boost, and the worst scenario is liquidation. editor@romania-insider.com