English
The company "Uztel" Ploieşti intends to increase its share capital by 2.2 million lei cash. The initial plan was supposed to increase the share capital by 19.2 million lei to 30.2 million lei, but some of the members of the Association of Employees, the majority shareholder of the Ploieşti-based company, which was supposed to contribute 16.7 million lei in this share capital increase, announced that the Association doesn"t have sufficient liquidity to subscribe the shares.
Some of the members of the Association challenged the decision to increase the company"s share capital, saying the financial effort involved would be too great and the share capital increase would dilute their stakes. Due to the aforementioned reasons, they have requested that the share capital only be increased by 2.2 million lei, the equivalent value of the stock sale-purchase contract that the company concluded with AVAS (The Authority For State Assets Recovery).
The decision concerning the share capital increase will be discussed by the shareholders of Uztel Ploieşti on April 22nd. The company is controlled by the "Uztel" Association, which owns 81.22% of the company"s stock. Another significant shareholder is Array Products, of the United States, which owns 8.4%.
Last year, the company had a turnover of 68.1 million lei (about 16 million Euros), down 42%, posting a loss of 2.5 million lei (EUR 595,000), after having a turnover of 116.9 million lei and 1 million lei in profit in 2008.
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