EnglishShareholders in farming and forestry machinery manufacturer Mecanica Ceahlau have authorized the alteration of the company"s bylaws in order to ensure compliance with the new Commercial Companies" Law, according to a report to the Bucharest Stock Exchange quoted by NewsIn. One of the main changes enables shareholders holding at least 5% of the share capital to call a General Meeting.
According to the law, the General Meeting can be called within 30 days after a request is filed by a shareholder having at least 5% in the company. The General Meeting has to take place within 60 days from the date when the request is filed. According to the Capital Market Law (297/2004), the meeting can take place within 30 days from the date of the request made by shareholders holding at least 10% in the company.
Mecanica Ceahlau concluded last year with a net profit of 2.9 million RON, up by 4.7% from 2005, when the company logged an after-tax profit of 624,059 RON. The Y2006 turnover was 29.96 million RON, up by 3.31% year-on-year. In August 2005, the company increased share capital by 2.22 million RON (629,164 EUR) from 8.88 million RON to 11.1 million RON (3.1 million EUR).
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