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Shareholders in dairy producer Albalact Alba Iulia on Thursday approved the company"s development strategy for the next two years as well as a share capital increase by 47.47 million RON to 66.9 million RON, according to a report to Rasdaq. The company will issue 474.69 million shares with a face value of 0.10 RON, equal to the subscription price.
Shareholders also approved investments of 10 million RON for the period 2007-2009 and the acuisition of 15 hectares of land for the construction of a new production facility in Odejdea, Alba county.
Albalact posted a net profit of 6.85 million RON (2.18 million EUR) in the first half of 2007, increasing 11 times from the same period last year. Turnover rose by 76.7% to 74.82 million RON (23.9 million EUR), as compared with 42.33 million RON in the first six months of 2006. In June this year, Albalact doubled its share capital, from 9.44 million RON to 19.43 million RON.
Thye company has a share capital of 19.43 million RON, divided into 194.34 million shares with a face value of 0.10 RON. The significant shareholders in Albalact are Ciurtin Petru (36.21%), Ciurtin Petru Raul (16.03%), RC 2 Limited - Cyprus (13.37%) and Julius Baer International Equity Fund (under 5%). Albalact Alba Iulia is listed on Rasdaq as ALBZ and has a market capitalisation of 542.2 million RON (163.46 million EUR).
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