In December 18 meeting, Alro’s stockholders will also approve a deal with UniCredit Tiriac Bank for a loan facility of $11 million, to issue credentials and letters of creditworthiness.
The company’s stockholders will equally vote on setting up an additional act to the loan contract signed with the European Bank for Reconstruction and Development EBRD in 2010. The act will extend by one year the term loan facility agreement and by two years the revolving facility.
Alro’s net profit fell almost threefold on the year to 78.8 million lei (EUR17.7 million) in the first nine months, hurt by lower sale prices and declining demand. In January through September 2011, Alro reported a net profit of RON222.4 million.
Alro said total sales fell 7% to RON1.58 billion in the January-September period, from RON1.7 billion in the same months of 2011.
Dutch-based Vimetco controls 84.19% of Alro’s shares, while the remaining shares are distributed among various holders.
Alro’s shares are susoended from trading on the Bucharest Bourse Thursday, for a General Stockholders’ Meeting during which Board president Frank Muller received a new four-year mandate.
Wednesday, Alro’s shares closed down 3.72% at RON1.709 in Bucharest. (EUR1=RON4.5379)