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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

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RO investors sell each other troubled gas drilling equipment producer

Romanian entrepreneurs Paul and Lorena Hodis bought a 46% stake in the manufacturer of equipment for the oil and gas industry Armax Gaz Medias (ARAX) from Mircea Simion Vescan.

The transaction took place last week on the Bucharest Stock Exchange, where the Armax Gaz shares are listed.

Vescan got RON 3.6 mln (EUR 0.75 mln) for his stake. Ten years ago, in 2011, his stake was worth over EUR 10 mln.

Mircea Vescan, at that time one of the richest people in Sibiu, was making the headlines at that time after paying EUR 155,000 at a public art auction for a painting by Romanian master Nicolae Grigorescu.

In recent years, however, Armax Gaz has been struggling due to financial problems. The company is currently undergoing a judicial reorganization program after filing for insolvency.

In 2020, Armax Gaz increased its turnover by 53% compared to the previous year, to RON 20.7 mln (EUR 4.25 mln) but recorded a loss of RON 1.1 mln (EUR 225,000).

The ARAX shares almost doubled their price after the deal between Vescan and the Hodis family, and the company's capitalization reached RON 14 mln (EUR 2.9 mln). The two buyers took over the stake through the industrial equipment distribution firm Drilling Equipment Zalau, which they control.

Paul Cristian Hodis is the owner of several companies in Zalau and was a shareholder of the Zalau Municipal Volleyball team.

(Photo: Diana Oros/ Inquam Photos)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

BVB
 

RO investors sell each other troubled gas drilling equipment producer

Romanian entrepreneurs Paul and Lorena Hodis bought a 46% stake in the manufacturer of equipment for the oil and gas industry Armax Gaz Medias (ARAX) from Mircea Simion Vescan.

The transaction took place last week on the Bucharest Stock Exchange, where the Armax Gaz shares are listed.

Vescan got RON 3.6 mln (EUR 0.75 mln) for his stake. Ten years ago, in 2011, his stake was worth over EUR 10 mln.

Mircea Vescan, at that time one of the richest people in Sibiu, was making the headlines at that time after paying EUR 155,000 at a public art auction for a painting by Romanian master Nicolae Grigorescu.

In recent years, however, Armax Gaz has been struggling due to financial problems. The company is currently undergoing a judicial reorganization program after filing for insolvency.

In 2020, Armax Gaz increased its turnover by 53% compared to the previous year, to RON 20.7 mln (EUR 4.25 mln) but recorded a loss of RON 1.1 mln (EUR 225,000).

The ARAX shares almost doubled their price after the deal between Vescan and the Hodis family, and the company's capitalization reached RON 14 mln (EUR 2.9 mln). The two buyers took over the stake through the industrial equipment distribution firm Drilling Equipment Zalau, which they control.

Paul Cristian Hodis is the owner of several companies in Zalau and was a shareholder of the Zalau Municipal Volleyball team.

(Photo: Diana Oros/ Inquam Photos)

andrei@romania-insider.com

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