The decision was made in a shareholder meeting on December 7, with 98.86% of the votes from present stockholders.
On the other hand, the shareholders refused to make a new plan for the company’s restructuring.
Oltchim’s Board and PCC SE have a history of antagonism in shareholder meetings, as management blames PCC’s opposition to a share capital increase for the Oltchim’s financial woes, while PCC asked, on multiple occasions, the replacement of company general manager Constantin Roibu, viewing his performance as flawed.
Oltchim posted a loss of some 110 million lei (EUR26 million) in the third quarter of this year, concluding the first nine months with a negative result of RON179.7 million.
Meanwhile, nine-month sales rose 38.3% to RON1.25 billion, from RON909.1 million.
Oltchim shares were trading mid-Thursday at RON1.2, down 0.66% on the day. (EUR1=RON4.3429)