In the first six months of 2011, Oltchim reported a loss of RON70.3 million.
The chemical company said first-half sales fell 41% to RON540.6 million, from RON915.2 million in the year-earlier period.
Overall revenue nearly halved to RON533 million in January to June, while total costs fell 32.8% on the year to RON722 million.
Oltchim is majority owned by the Economy Ministry, with a 54.79% stake, while PCC and other persons acting in concern with the German group cumulate 31.3% of its shares.
The ministry plans to sell its shares in Oltchim this year and privatization procedures are scheduled to kick off with a sealed-bid auction on September 14.
Additionally, the ministry called on Oltchim’s shareholders to vote on a capital increase of RON2.06 billion by converting into shares a RON1.2 billion receivable held by the state and by issuing new shares. The proposal had investors spooked and triggered a selloff in Bucharest.
Monday, Oltchim closed down 14.94% at RON0.612 a share, amid a rising market.