The company has summoned a general shareholders meeting for August 6 and proposes six capital reduction options with amounts ranging from RON229 million to RON3.07 billion.
The company’s net assets at the end of 2020 were at less than 50% of its share capital value. By law, a company is forced in this case to call a general meeting to decide whether the company should enter dissolution or find ways to remedy the situation.
Rompetrol Rafinare, which operates oil refineries Petromidia Navodari and Vega Ploiesti, reported a turnover of $1 billion in the first quarter of 2021, up 8% on the year. The company also reduced its loss to $14.7 million from $88 million in the first quarter of 2019.