English
The executive management of Onesti-based refinery RAFO have moved the Shareholder Assembly meeting from January 23rd to February 20th. The main topic on the agenda is to take a loan of up to 1 billion USD from WestLB (Landesbank) Germany or any other national or international bank, according to a press release to the Bucharest Stock Exchange quoted by NewsIn.
In November, RAFO shareholders authorized the increase of the share capital by 1.89 billion RON from 432.02 million RON to 2.32 billion RON and decided to annul 3,456 shares in order to enable all shareholders to maintain the stakes they had before the share capital increase.
Following the capital increase, Balkan Petroleum Ltd holds 18.18% whereas the Ministry of Finance as 31.18%. RAFO concluded Y2005 with losses of 153.7 million RON, down by 60% from 2004, when the company lost 372 million RON. In Q1 2006, the company posted an operating profit of 10.6 million RON.
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