Eximasig, the insurance company of state-controlled Exim Banca Romanesca, has submitted a binding offer to Asito Kapital, an insurer registered in Romania. It was set up by the Russian Lukoil group as a local insurer and was controlled for a period of time by Moldovan oligarch Veaceslav Platon, now living in London.
According to Romanian media reports, the acquisition is linked to a larger deal that involves the takeover of Moldovan insurer Moldasig (the main shareholder of Asito Kapital) by Austria’s Vienna Insurance Group (VIG). It already controls Donaris in Moldova, Omniasig, Asirom and BCR Asigurări de Viață in Romania. According to quoted sources, one of the conditions set by VIG for the takeover of Moldasig, one of the leaders of the Moldovan insurance market, was the sale of Asito Kapital.
The exact amount offered by Eximasig for the takeover of Asito Kapital is still unknown, but an idea of its value can be obtained from the decision of the state-owned insurer to increase its share capital. According to media reports, Eximasig’s board of directors decided that the company will be able to increase its capital by almost 39 million Romanian lei (EUR7.8 million) by issuing 19.25 million shares with a nominal value of 2 lei/share. The capital increase is necessary for the transaction with Asito Kapital.
“Discussions have been underway for a long time and a binding offer was recently received from Eximasig,” informed sources explained to Romanian media. Therefore, it is likely that the state-owned insurer’s offer revolves around the amount by which the capital will be increased, i.e. around €8 million. This amount seems reasonable compared to the size and specificity of the joint-stock company from the Republic of Moldova, as well as to other transactions that have taken place in recent years”.
