The president and majority shareholder of Romanian electronics retailer Flamingo International Dragos Cinca has sold 4.38% of company shares for 12.61 million RON. According to Bucharest Stock Exchange announcements, 34.1 million shares were sold at an average price of 0.37 RON/share.

Dragos Cinca had sold another stake of 6.3% by the end of last week at a value of 18.3 million RON (5.4 million euro) at a price per share of 0.37 RON.

Bank Austria Creditanstalt reported the sale of 2% of Flamingo International in the past two weeks.

The company value stands at 77.9 million RON divided into 779,050,011 shares at a nominal value of 0.10 RON.

Flamingo International, formed of Flamingo and Flancio, reported sales down by 12.7% to 153 million euro last year. The losses were augmented by costs related to the integration of Flanco in the new company, restructuring costs and provisions.