The proposition will be subject to shareholder approval on July 25, according to a memo posted Tuesday on the Bucharest bourse.

The operation will entail the issue of 51.2 million new shares with a face value of RON0.1.

The company is mainly controlled by businessman Gheorghe Calburean, with a 48.58% stake.

Dafora stock closed up 1.27% Tuesday, to RON0.11.