BUCHAREST (Romania), July 26 (SeeNews) – Romanian investment fund Evergent Investments Group [BSE:EVER] said it had sold its 2.11% stake in local poultry producer Agricola International Bacau.

The move is part of a strategic move to reduce minority stakes and extract value from assets, while optimizing investment processes, Evergent said in a statement filed Friday with the Bucharest Stock Exchange, BVB.

The investment fund added that it sold the stake within expected valuation parameters, at fair value according to the National Association of Romanian Valuators and IFRS.

Evergent did not disclose the value of the transaction or the buyer.

Founded in 1992, Agricola International Bacau is part of the local agro-industrial holding group Agricola Bacau.

Formerly known as SIF Moldova, Evergent managed assets worth 2.14 billion lei ($ 512 million / 435 million euros) at the end of 2020. Some 44.4% of companies in its portfolio operates in the financial sector, 15.4% in energy, 6.2% in manufacturing, 6% in real estate and 28% in various other sectors, according to data published on its website.

Evergent shares closed up 1.50% at 1.35 lei on the Bucharest Stock Exchange on Friday.

(1 euro = 4.9219 lei)