The new shares will be distributed to Armax’s managers and staff, the company said.
Armax reported a pretax profit of RON1.5 million in the first quarter, down 38.6% on the year.
The company is 40.19% owned by general manager Mircea Simion Vescan, while the remaining 59.8% stake is traded on the Bucharest bourse.
On May 26, Armax closed down 1.69% at RON0.1572 a share.