The agreement is conditional upon several factors, including a EUR1.5 million share capital increase and converting around EUR12 million of the debt into shares that BCR will be able to subsequently sell to an eligible investor.
The debt conversion will not exceed the equivalent of 33% of Cemacon’s share capital, Cemacon said in a statement.
Cemacon’s main shareholders are investment fund KJK Fund SICAV-SIF, brokerage firm SSIF Broker (BRK.RO), consulting firm Andrei&Andrei Consultanta and Transilvania Insolvency House. Together, they own a total stake of 65.85% in Cemacon.
In October, they announced plans to launch a takeover bid for the remaining shares in the company.