Managers of the Flamingo IT&C International holding have recently sold part of their stakes in the company to take profit of the revenues derived from floating Flamingo on the Bucharest bourse, Ziarul financiar reports. The paper informs that Anca Liana Barbu, a member on the Administration Board of Flamingo and a former manager to own shares in the company before its flotation, has sold out a 0.18 percent stake in the company for approximately 115,000 euros. One month ago she sold shares for 47,000 euros. Also one month ago, Iolanda Varga, another member on the Administration Board of Flamingo, sold a stake in the company for 62,000 euros. The share packages so far sold by Flamingo managers make up about 0.54 percent of the company's share capital. The majority shareholder in Flamingo is Dragos Cinca, who is also one of the founding members, with 61.5 percent. Flamingo International was floated on the Bucharest bourse in an initial public offer of shares valued 12.5 million euros at en-May 2005. Subscription bids were filed for a number of shares 3.7 times the initial offer, and the market capitalisation of Flamingo surged to approximately 66 million euros in the process. Flamingo has reported a net profit of 20,000 euros, on a business turnover of 47 million euros for the first nine months of 2005, which was up 26 percent from 2004.

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