Sorin Creţeanu, one of the most discreet domesticbusinesspeople, had in September 2007 become one of the wealthiestowners of companies on the Stock Exchange, with the constructioncompany he controls, Comnord Bucureşti (COSC) being valued at thattime at over 350m euros.
At present, the entire company, in which Creţeanu directly holdsaround 54%, is worth 4m euros on the Bucharest Stock Exchange, withthe stock trading at six-year lows. The BSE's plunge in 2008, aswell as the plummeting construction sector, especially on thehousing segment, which at the end of last year hit new recentyears' lows, are to blame.
Comnord turnover dropped to 5 million euros in the first ninemonths of 2010 against 2007, when the company registered recordrevenues of above 80m euros.
Despite the strong turnover contraction, on the suspension of someprojects, the company holds important assets, which are likely toregain investors' attention at the moment the real estate sectorsignals it is picking up.
