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Wednesday, April 06, 2005

Romanian Continental Hotels Picks Stock Exchange Listing Manager

Romania's sole domestically-owned hotel chain Continental Hotels said on Tuesday it chose a consortium made up of BRD Securities, Raiffeisen Capital & Investment and Alpha Finance to manage the listing of its shares on the Bucharest Stock Exchange (BVB).

After the listing, scheduled for June, Continental will count on the clients of the three companies to subscribe for any subsequent issues of new shares or corporate bonds, Continental Hotels chairman and majority shareholder Radu Enache said in a statement.

The company has yet to decide how to make the listing, including whether to launch an initial public offering.

The chain includes four hotel operators, Continental, Continental Vest, Continental Nord and Dacia Continental, now being merged into one. Only Continental Vest is now listed on Romania's over-the-counter securities market RASDAQ.

The chain has 10 hotels in Romania under the Continental name and another one under the Ibis name, in partnership with French hotel group Accor.
It will open two more Ibis hotels this year.
The chain (www.continentalhotels.ro) plans to boost turnover by 23% this year, to 23 million euro ($30 million).

Posted by Iulia Rasoiu : 4/06/2005 12:35:00 pm