Shareholders of hotel operator THR Marea Neagră have approved a share buyback program worth up to EUR 20.31 million and the sale of several seaside portfolio assets. The decision, adopted during the Extraordinary General Meeting on September 22, 2026, aims to reduce the share capital, with financing to be secured from available cash or through asset monetization.
The approved program targets the acquisition of up to 93 million treasury shares on the open market or via tender offers, within a maximum term of 12 months from the resolution’s publication in the Official Gazette, at a price between EUR 0.15 and EUR 0.22 per share. Concurrently, shareholders mandated the sale via open outcry public auction of the Semiramis and Tosca tourist complexes, along with land plots in Saturn resort, including the Popas Saturn plots spanning 2,059 sq m, 21,366 sq m, and 76,395 sq m. The divestment of other plots through direct negotiation was also approved, alongside the removal from the Articles of Association of the secondary offices corresponding to Vraja Mării, Balada, Cleopatra, and Narcis hotels.
These measures are part of a broader portfolio restructuring process. In the spring, the company concluded the auction sale of the Măgura Hotel Complex in Eforie Sud for approximately EUR 0.47 million plus VAT. At the level of the majority shareholder Transilvania Investments Alliance (formerly SIF Transilvania), which owns 75.34% of the share capital, an asset swap was previously conducted with the investment vehicle of Banca Transilvania Chairman Horia Ciorcilă, leading to the consolidation of control in ARO Palace up to a threshold permitting delisting, concurrently with exiting Lotus Therm in Băile Herculane.
THR Marea Neagră is valued on the Bucharest Stock Exchange at approximately EUR 32.29 million, recording a 75% share price appreciation over the past year. In the first six months of the year, the company reported a net profit of around EUR 1.12 million, compared to nearly EUR 1.9 million in the same period of 2025, amid a decrease in operating revenues from EUR 8.81 million to EUR 7.03 million.
Frequently Asked Questions
What is the maximum value of THR Marea Neagră’s buyback program?
The share buyback program approved by shareholders is worth up to EUR 20.31 million for up to 93 million shares.
Which seaside assets has THR Marea Neagră decided to sell?
The company decided to auction the Semiramis and Tosca tourist complexes and several land plots in Saturn resort, alongside other parcels via direct negotiation.
Who is the majority shareholder of THR Marea Neagră?
The majority shareholder is Transilvania Investments Alliance, holding a 75.34% stake in the company.