So far, Oltchim’s majority shareholder, the Economy Ministry, has failed to officially make public a certain date or the conditions in which a potential procedure for the sale of Oltchim or the attraction of an investor to insolvent Oltchim.
Chimcomplex Borzesti, owned by businessman Stefan Vuza, is Oltchim’s main competitor on the Romanian market.
In order to acquire Oltchim assets, Chimcomplex shareholders approved a decision to attract potential loans of up to EUR95 million (RON422 million) and to boost its share capital. The company obtained shareholders’ approval to increase the share capital up to RON303.87 million. The share capital increase will be operated through contribution in cash in the amount of RON141 million and by subscribing new nominative shares, namely, 111,905,000, at a price of RON1.26 each.
On the Bucharest Stock Exchange, CHOB shares traded up 2.9%, on a declining market, while Oltchim shares traded up 0.2%.
Oltchim, 54.8% owned by the Economy Ministry, halted operations in August 2012 in preparation for a privatization attempt, which failed after the auction winner refused to pay the price agreed with the authorities.
Chimcomplex is 83.8% indirectly owned by Stefan Vuza, through A2 Impex company, while the Romanian state owns a 12.89% stake.