English
The share capital of Concefa Sibiu, specializing in construction, will only be increased by 6.1 million lei, less than half the initially proposed amount of 14.2 million lei. The shareholders of the company have only subscribed 43% of the shares issued for the share capital increase, with the remaining shares being cancelled. At the end of August, shareholders have decided to raise the share capital of the company by 14.2 million lei, through a contribution in cash and debt to equity swap.
Following the share capital increase, the stake of majority shareholder Horaţiu Cercel, increased from 54.83% to 57.48%, and the stake owned by his mother climbed from 5.69% to 6.44%.
Shareholders said that their decision not to participate in the share capital increase was due to the fact that the subscription price of 0.1 lei /share, was far too high compared to the price that the shares are trading at on the stock exchange.
The company"s revenues increased slightly in the first semester, from 41.5 million lei to 42 million lei, but the company went into the red, with a loss of 3.6 million lei, after posting a net profit of 855,000 lei in the first six months of 2010.
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