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The Board of Oltchim - Ramnicu Valcea (BVB:OLT) late last year approved the acquisition of the petrochemical division of Arpechim, according to an announcement to the Bucharest Stock Exchange (BVB). The shareholders also approved this decision during a General Meeting held at the end of December, but allowed the Board to have the final say. The shareholders authorized the Board to seek a 100 million EUR loan required for the acquisition and the immediate operating capital and will convene again to approve the actual loan and its collateral.
The General Meeting held last year also approved a 6% increase in the share capital of Oltchim to 34.30 million RON. The company issued 19,435,217 new shares with a face value of 0.1 RON. Of them, 15,606,803 shares were subscribed by the State Assets Recovery Authority (AVAS), which significantly increased their holding from 2.89% to 54.79%. For the first three quarters of last year, Oltchim reported losses of 27.68 million RON, amid an increase in turnover to 1.6 billion RON. The company has a market capitalization of 45.62 million RON, according to the average of 0.1414 RON logged yesterday. According to the latest report, PCC SE holds 12.88% in the company. SIF Oltenia holds 6.89%.
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