English
On December 3rd, the shareholders of hotel company "Turism Covasna" are expected to review the proposal of the Board of Directors of the company to increase the share capital of the company by almost 5.2 million lei, from 10.3 million lei to 15.5 million lei, by incorporating reserves. Another item on the agenda is a stock split, from 2.5 lei to 0.1 lei. The split of the face value would take place before the share capital increase. If the share capital increase gets approved, the company will issue 51.9 million shares with a face value of 0.1 lei, which will be distributed to shareholders free of charge.
At the same time, during the General Shareholder Meeting will also be discussed the change of the company"s modernization and growth strategy, which was approved by shareholders in April. In April, the shareholders of "Turism Covasna" have empowered the management of the company to invest 19.3 million lei this year to modernize the company"s Căprioara, Covasna and Cerbul hotels, located in Covasna.
Most of the amount, 18.4 million lei, would be allocated for the modernization of the Căprioara hotel, and 470,000 lei for the design works for the Cerbul hotel. The remainder of the money would be spent on the acquisition of a minivan, heating installations for the Covasna hotel, as well as to asphalt the access roads to the Valea Zânelor complex, which was scheduled for modernization. The budget for these works amounts to 438,000 lei.
The plans for the 2010-2012 period include the modernization of all the company"s hotels, to improve the comfort of its accommodations. The total estimated investments are expected to amount to around 20 million lei, VAT excluded.
Following the modernization works, the Căprioara and Cerbul hotels will be upgraded to a 3-star rating, whereas the Covasna hotel will keep its 2- star rating. A spa facility owned by the company will undergo modernization as well. SIF Transilvania holds 85.63% of the company"s stock.
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