Altur proposed a buyback price of maximum 0.06 lei (EUR0.0135) a share, 58% higher than the latest market price of RON0.038 a share. At the proposed price, the 10% stake is valued at RON4.9 million.
The proposal is subject to shareholder approval at a meeting scheduled for October 9.
Altur will schedule a separate meeting to discuss whether to distribute the redeemed shares to its employees and managers or to cancel them and subsequently reduce the company’s share capital.
Romanian entrepreneur Catalin Chelu owns indirectly, through Mecanica Rotes (METY.RO) and Celule Electrice (CLEL.RO), around 43% of Altur’s shares.
Altur has swung to a loss of roughly RON3.5 million in the first half versus net profit of RON1.3 million a year earlier, hurt by lower sales. (EUR1=RON4.4367)