The capital decrease operation will be followed by a capital increase through cash contributions of RON8.8 million.
Cemacon’s share capital currently stands at RON26.2 million and, if the shareholders approve the Board’s proposal, it will reach RON9.3 million after the two operations have been completed.
The capital decrease will be operated by reducing the number of shares from 262.8 million to 5.2 million, and the company will then issue 88 million shares in exchange for cash contributions of RON8.8 million. The new shares will be purchased at a price equal with the face value of RON0.1 a share.
Cemacon registered 38% higher turnover at RON48 million in 2013, from RON34.8 million a year earlier, according to its preliminary financial report.
The company recently said that Romanian lender BCR outsourced EUR12 million of its debt to Dutch-based investment fund Business Capital For Romania Opportunity Fund Cooperatief UA.
Investment fund KJK Fund SICAV-SIF, SSIF Broker and consulting firm Andrei&Andrei Consultanta jointly own a 77% stake in Cemacon. (EUR1=RON4.4693)