Alro plans to pay out a factoring facility of some 13 million lei (EUR) to aluminum smelter Alro (ALR.RO) and to refinance a second factoring facility signed with lender Banca Transilvania (TLV.RO).
Part of the new loan will be used to finance the company’s operations, Altur said in a call to its shareholders.
The proposal will be discussed at a shareholder meeting scheduled for July 10.
Altur reported a net profit of RON1.3 million in the first quarter, up from RON0.3 million in the year-earlier period. Total sales fell 12% year-on-year to RON28.7 million.
Romanian businessman Catalin Chelu owns indirectly, through Mecanica Rotes (METY.RO) and Celule Electrice (CLEL.RO), around 43% of Altur’s shares.
At around 11:15 am Thursday, Altur’s shares traded down 1.14% at RON0.0346 in Bucharest, valuing the company at RON28.5 million. (EUR1=RON4.4291)