EnglishThe Management Board of welded steel pipe manufacturer Zimtub Zimnicea proposed to shareholders a capital increase by 7,34 million RON, to 17 million RON, according to a report to the Bucharest Stock Exchange, quoted by NewsIn. The board proposes that the share capital be increased by using 2,34 million RON from the company reserves and an additional cash injection of 5 million RON.
The Board also proposes that 95% of the Y2006 net profit (108.671 RON) be used for the company"s self-financing sources. The General Meeting of shareholders will be held on April 27th, when they will; also discuss the income and expense budget for the current year, as well as the financial results for 2006.
Last year, Zimtub posted 26,9 million RON in turnover, down 30,8% from 2005, reporting a gross profit of 124.000 RON, down 22,5% year-on-year. The company estimates a net profit of 537.000 RON for 2006. Zimtub Zimnicea is listed on the second tier of the Bucharest Stock Exchange as ZIM and has a share capital of 9,657 million RON. The significant shareholders are Stelian Dragomir (also CEO of the company), with 25,37%, SIF Oltenia (24,80%), Ionel Bocioc (12,64%) and Ion Tugulescu (8,30%).
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