Belize-registered offshore investment fund Flamboyant Ventures has increased its stake in Romanian steel pipe producer Zimtub Zimnicea by another 18 percent to a total of 31.87 percent, according to data from the Bucharest Stock Exchange.
At the beginning of 2009, Flamboyant Ventures had acquired its first stake in Zimtub Zimnicea, equal to 13.9 percent.
Zimtub Zimnicea produces spiral, black and galvanized longitudinally welded steel pipes. During the first nine months of 2009, the company registered a net profit of RON 217,125 (about $75,400), while its turnover doubled to RON 31.71 million (about $11 million) compared to the same period of 2008.
Zimtub has a registered capital of RON 12.07 million (about $4.2 million) divided into 4.83 million shares with face value of RON 2.5 ($0.87) per share.