The Board of Directors of Turism, Hoteluri, Restaurante (THR) Marea Neagră SA has convened the Extraordinary General Meeting of Shareholders for September 22, 2026, at its headquarters in Eforie Nord, with a second meeting scheduled for September 23 should the quorum not be met. The agenda includes putting to a vote a share buyback program worth up to EUR 20.4 million, alongside major asset restructuring measures involving the closure of several business locations and the sale of tourist complexes and land plots.
The proposed program aims to repurchase a maximum of 93 million shares within 12 months of the resolution’s publication in the Official Gazette, at a price per share ranging between EUR 0.15 and EUR 0.22, with the acquired shares intended for share capital reduction. The agenda also includes appointing attorney Ion Calipetre to the meeting secretariat and closing down several working locations: Hotel Vraja Mării, Hotel Balada, Hotel Cleopatra, Cleopatra Restaurant, Aqua Parc Cleopatra, Hotel Narcis, Aqua Parc Balada, Bufet Bar Narcis, and Cleopatra Hot Water Pumping Station. Following these closures, the company will retain operations in Eforie Nord, Eforie Sud, and Saturn (Brad-Bran-Bega Complex, Bufet Băi Reci, and Hotel Tosca). In terms of asset monetization, the proposal includes the direct negotiated sale of two land plots in Saturn (an area of 23 sq m per deed / 18 sq m measured to Ion Muntean and 1,571 sq m to Monica Saturn SRL), as well as public auctions for the Semiramis and Tosca complexes, two land plots of 5,216 sq m and 5,434 sq m, alongside plots in Popas Saturn measuring 76,395 sq m, 21,366 sq m, and 2,059 sq m.
Frequently Asked Questions
What is the maximum value and volume of the proposed share buyback?
The program targets the buyback of up to 93 million shares worth up to EUR 20.4 million, priced between EUR 0.15 and EUR 0.22 per share.
What will happen to the repurchased shares?
The repurchased shares will be canceled to reduce the company’s share capital.
Which major assets are proposed for sale?
The proposal includes the sale via public auction of the Semiramis and Tosca complexes, several land plots in Saturn, and land parcels in Popas Saturn totaling over 99,000 square meters, alongside direct sales of two smaller plots in Saturn.