English
The capital market watchdog has fined the managers of "Jovline" and "Zalois", the two companies which control the fertilizer maker "Amonil" Slobozia (symbol:AMO) with 50,000 lei each. The Romanian National Securities Commission (CNVM) will force the two companies, and the individuals acting in concert, to file the documentation for making a public takeover bid for "Amonil", within 10 days from the issuance of the Sanction.
The representatives of the CNVM stressed that if the managers of the two companies do not pay the fines, they run the risk of foreclosure.
The fines levied on the two managers came shortly after the representatives of "Salink Limited", which holds 13.5% of AMO stock, have again asked the CNVM to determine whether Ioan Niculae, the head of "Interagro", indirectly controls "Amonil" Slobozia, in which case he would be required to launch a public takeover bid. "Salink Limited" has made that request after Ioan Niculae announced that he intends to shut down several fertilizer plants he owns, after October 31st, except for "Amonil", which will also function in November.
Ever since last year, the Romanian National Securities Commission has tried to force "Zalois" and "Jovline" to launch a public takeover bid in "Amonil" and to disclose the names of their shareholders.
"Amonil" has a market capitalization of 17.13 million lei, according to the price of 0.0154 lei/share recorded in Friday"s trading session.
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