English
Shareholders 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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