Vice-president of "Alro" joins the board of Directors of "Vimetco"

Marian Năstase, the vice-president of aluminum maker "Alro" Slatina (ALR) and country manager of "Vimetco" has been appointed as an executive member of the Board of Directors of "Vimetco", according to a communiqué concerning the decisions of the General Shareholder Meeting of the company. Marian Năstase also serves as chief financial officer of "Vimetco".

Pavel Machitski, son of Russian businessman Vitaly Machitski, who controls "Vimetco", was also appointed as an executive member on the Board of Directors "Vimetco".

The mandate of Frank Mueller as member of the Board of Directors expired and has not been extended, the officials of the company said.

"Vimetco" holds 84.18% of "Alro" Slatina. The management of "Vimetco" recently announced that it intends to sell about 20% of Alro Slatina in a secondary public offer on the Stock Exchange.

In mid-May, Marian Năstase announced that the funds obtained from the sale of the block of shares would be used to finance the projects of the group for working capital and for goals set by the management of the company.

The National Securities Commission (CNVM) has approved a preliminary prospectus for evaluating the investment intention concerning the intention to invest concerning the SPO. The final decision on the SPO will be made by "Vimetco" NV and will depend on several factors, including the approval of the final prospectus by the CNVM, market conditions and the obtaining the necessary approvals.

Alro reported a net profit in excess of 120.2 million lei, in Q1 2011, nearly double YOY, up from 50.5 million lei.