EnglishShareholders in Onesti-based refinery RAFO (BSE:RAF) will consider the Board"s proposal to increase the share capital by 1.58 billion RON to 2.01 billion RON by swapping shares for the debts to the State (AVAS, ANAF), Tender SA and Prospectiuni SA. If the motion carries, the company will issue 634,784,449 new shares with a face value of 2.5 RON. The company"s new capital would by 2.01 billion RON divided into 807.59 million shares with a face value of 2.5 RON.
Following the swap, Petrochemical Holding will receive 255.7 million shares (31.67% of the increased capital). Calder-A International will receive 290.6 million shares (35.98%), Raglam Overseas - 60.6 million shares (7.5%), Tender SA - 5.57 million shares (0.69%), Prospectiuni SA - 18.33 million shares (2.27%) and Atlas Gip - 3.8 million shares (0.47%). After the share capital increase, Balkan Petroleum will have 169.48 million shares (20.98%).
RAFO has a share capital of 432 million RON divided into 172.8 million shares with a face value of 2.5 RON. RAFO is controlled by Balkan Petroleum Ltd. which was acquired by Calder-A in November 2006. Calder-A is controlled by Iakov Goldovskiy with 80%, followed by Todor Batkov with 20%. The company concluded 2005 with losses of 153.7 million RON and a turnover of 1.846 billion RON.
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