On Wednesday, management had proposed a share capital increase of RON16.4 million, to RON73.2 million.
Should the updated proposition pass, in the shareholder meeting set for April 26, the company’s share capital will widen by 30% to RON74 million.
The money for the share capital increase will come from net dividend drawn from profit achieved in 2011, as well as net dividend not paid in previous year.
Another item on the meeting agenda is the reduction of Managing Board seats to five from seven.
Antibiotice posted a turnover increase of 15% last year, to RON281.8 million (EUR66.5 million), while net profit rose 60% on the year, to RON20 million, according to preliminary reports filed by the company.
For this year, the company expects a 13% hike in pretax profit, to some RON30 million. Revenue is expected to rise 9.4% to RON331.2 million, while expenditure is seen up 9.1% to RON301.3 million.
The company is 53.02% owned by the Health Ministry, while regional investment fund SIF Oltenia (SIF5.RO) holds a 10.09% stake.
Antibiotice shares were trading at RON0.415 mid-day Friday, up 0.34% on the day. (EUR1=RON4.3718)