The shareholders approved the move during their extraordinary general meeting on August 6. They had six option to choose from, going from RON229 million to RON3.07 billion, as the net assets of the company were maintained at a value of less than half of the value of the subscribed share capital.
The number of shares subject to the reduction is calculated in proportion to the shareholding of each shareholder in the share capital at the date of registration, the EGMS decision shows.
The Companies Law requires a company, when its net asset value drops to less than half of the share capital, to have its board of directors convene an extraordinary general meeting right away to decide whether to dissolve that company or not. To avoid that, a company may take several steps, one of which is reducing share capital.
Rompetrol Rafinare has a capitalization of RON2.1 billion, which makes it one of the largest listed companies on the Bucharest Stock Exchange but has a low free float. Its shares have gained 14% since the beginning of 2021.
(English version by Loredana Fratila-Cristescu)