Shareholders could have subscribed 160 million shares at a face value of RON2.66 each between June 17-July 17, in a move to hike the insurer’s share capital. Three of the existing shareholders have subscribed and paid for 17,744 shares, the company said. Between August 6-19, strategic and financial investors were able to subscribe the shares left unsubscribed by the shareholders. Shares left unsubscribed in the end were annulled.
“Based on the available data, there were neither registered significant capital subscriptions nor requests to extend the share capital hike process by the interested investors,“ according to KPMG’s official announcement.
Astra Asigurari has approved in stockholders’ meeting last week to suspend the company’s share capital increase.
In February 2014, Romania’s financial authority placed Astra under special administration, suspended shareholders’ voting rights and appointed KPMG as special administrator.
Astra was required to raise its share capital by RON490 million in the next 12 months. So far, shareholders added RON65 million to the capital.
With a share capital of RON257.8 million, Astra is owned by The Nova Group Investments Romania SA – 72.754% and Epsilon Estate Provider SRL- 26.289%, both owned by local businessman Dan Adamescu.
(English version by Manuela Panescu)