The proposal was approved at a shareholder meeting earlier today.
Ropharma’s stockholders also approved a merger with seven smaller peers located in Brasov, Bacau, Ploiesti, Iasi, Roman and Cluj-Napoca.
Ropharma is indirectly owned by local businessman Mihai Miron. Cyprus-registered ADD Pharmaceuticals holds a 17.97% stake, while Rimia Investments holds 20.23%. Other shareholders include Arrow Pharmaceuticals with 31.31% and Romania’s privatization authority AVAS with 0.33%.
The company reported a net profit of 8.6 million lei (EUR1.9 million) in the first nine months of 2011, down 29% on the year, on total sales of RON281.2 million.
Monday, Ropharma closed up 1.96% at RON0.78 a share. (EUR1=RON4.3608)