Swiss bank Julius Baer sells stake in Romanian shirt producer

Swiss investment bank Julius Baer has liquidated its stake in Romanian shirt manufacturer Braiconf Braila. The bank sold 11.25 million shares, representing 25.1% of the company, for some RON 6.2 million (EUR 1.36 million). The transaction took place on Friday, June 3, on the Bucharest Stock Exchange, as Braiconf is listed on BVB’s AeRO market segment. Julis Baer was Braiconf’s biggest shareholder and had bought the shares almost ten years ago, probably in the name of one of its clients. The buyer hasn’t been announced yet. Braiconf had a turnover of EUR 7.27 million, in 2015, slightly lower than in 2014, and a net profit of EUR 490,000. The company has a market capitalization of EUR 5.45 million. editor@romania-insider.com (photo source: Braiconf.ro)