Turism, Hotels, Restaurants Black Sea SA (stock symbol EFO) has approved, during the Extraordinary General Meeting of Shareholders on January 22, 2026, the sale of several strategic assets from its portfolio on the coast. The decisions concern both the awarding of the tender for the Siret hotel complex and the approval of direct negotiations for other accommodation and catering establishments located in the Saturn and Venus resorts, the buyers being companies controlled by investors Mariana and Nicolae Movileanu.
The company announced the award of the public tender for the Siret hotel complex in the Saturn resort at a price of EUR 3.5 million plus VAT. According to the report submitted to the Bucharest Stock Exchange, the transaction complies with the legislation in force and value added tax will be applied according to tax simplification measures (reverse charge). This sale is part of a broader plan to restructure the portfolio and mobilize capital, initiated by the management of THR Marea Neagră Sea against the backdrop of financial constraints, a strategy that in 2025 also included the auctioning of the Bran-Brad-Bega complex in Eforie Nord and the Magura complex in Eforie Sud.
At the same time, the shareholders approved the sale by direct negotiation of some assets to the current tenants, holders of the right of pre-emption. Thus, the company Universal Mangalia SRL, established in 2022, will acquire the assets of Hotel and Restaurant Cleopatra (including swimming pool, post trafo, central heating plant and beach bar) and Hotel and Restaurant Narcis in Saturn. Atlas Apliance Solutions SRL, a company established in 2004 in Mioveni, will also take over Hotel Raluca and Restaurant Orion in the resort of Venus. The starting price of the negotiations will be set at the higher of the fair book value and the market value resulting from a valuation report.
Both purchasing companies are based in Argeș County and are managed and owned by Mariana and Nicolae Movileanu. They have already carried out transactions with THR Marea Neagră; in a previous meeting in October, Atlas Apliance Solutions SRL received approval for the purchase of a 539 square meter plot of land in the Venus resort. THR Marea Neagră, a long-established operator resulting from successive mergers in 2004, has a market capitalization of around EUR 20 million.