Finnish investment fund KJK Fund II SICAV-SIF acquired shares worth EUR 4.3 million in the Romanian state-run oil transporter Conpet Ploiesti (BVB ticker: COTE), raising its stake from 2.56% to 7.07%, within an accelerated book build run by investment fund Fondul Proprietatea (FP).

KJK Fund previously held 221,933 shares in Conpet, reaching now to 611,933 shares after the transaction. The fund is now Conpet’s second largest shareholder.

Fondul Proprietatea sold a 23.6% stake in Conpet for EUR 22.5 million, in an accelerated book build, on November 12, 2014. Its stake in the company dropped from 29.7%, to 6.1%, while the Romanian state still has a majority 58.71% stake in Conpet.

Conpet increased its net profit by 21% in the first nine months of 2014, to EUR 10.8 million, while its operational revenues were up by more than 6%, to EUR 68 million. The company has a EUR 69 million, in cash and liquid investments, at the end of September 2014.

Conpet has a market capitalization of EUR 104 million.

The Finnish fund also increased its stakes in PVC profiles producer Teraplast Bistrita and oil well services company Rompetrol Well Services, earlier this year, reaching 10% stakes in each of the two companies. KJK Fund also holds a 34% stake in local brick producer Cemacon Cluj. The fund invests mainly in small and medium-sized listed companies.

editor@romania-insider.com