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 quorum not be met. The agenda includes submitting for shareholder vote a share buyback program valued at up to EUR 20.4 million, along with major asset restructuring measures involving the closure of several operational units and the sale of tourism complexes and land plots.
The proposed program aims to repurchase up to 93 million shares within 12 months of the decision’s publication in the Official Gazette, at a price per share ranging between EUR 0.15 and EUR 0.22, with the repurchased shares intended for share capital reduction. In addition, the agenda includes appointing attorney Ion Calipetre to the meeting secretariat and closing the operational units Hotel Vraja Mării, Hotel Balada, Hotel Cleopatra, Restaurant Cleopatra, 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). Regarding asset divestment, the proposal includes the direct negotiated sale of two land plots in Saturn (23 sq m according to title deeds / 18 sq m measured to Ion Muntean and 1,571 sq m to Monica Saturn SRL), as well as a public auction for the Semiramis and Tosca complexes, two land plots measuring 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 value and maximum volume of the share buyback program?
The program aims to buy back up to 93 million shares with a total value of up to EUR 20.4 million, at prices between EUR 0.15 and EUR 0.22 per share.
What is the purpose of the share buyback?
The repurchased shares will be cancelled to reduce the company’s share capital.
Which tourism assets and land plots are scheduled to be sold?
The company proposes selling the Semiramis and Tosca complexes and land plots in Saturn and Popas Saturn (over 99,000 sq m) via public auction, as well as selling two land plots in Saturn through direct negotiation.