The capital hike will be discussed in a shareholders’ meeting on January 6.
Vuza indirectly owns 83.8% in Chimcomplex, through A2 Impex.
To raise its capital, Chimcomplex will issue 125 million shares at a face value of RON1.26 which will be available to shareholders for 30 days. After the 30-day term, the remaining shares will be on public offering addressing less than 100 prospective investors. The offering will be brokered by Estinvest.
The shareholders’ meeting agenda also features an approval of Chimcomplex’ participation in the sale of Oltchim’s viable assets.
The Romanian state owns 54.7% in Oltchim through the Ministry of Economy and its attempt to privatize the company in 2012 failed. Oltchim entered insolvency in January this year and the sale of its viable assets is scheduled for February 2014 and binding bids are expected by January 17.
By end-October, a consortium consisting of PCC and investment fund Fortissimo Capital, a consortium led by Chimcomplex Borzesti, and Russia’s Oil Gas Trade had expressed interest in buying Oltchim’s assets.
Oltchim’s judicial administrators, RomInsolv and BDO Business Restructuring, signed a letter of intent two weeks ago with China’s Baota Petrochemical Group and Junlun Petroleum, interested in taking part in the chemical plant’s privatization.
Oltchim posted losses of RON172.74 million in January-September, 44% lower on the year, and its turnover halved to RON359.48 million.