TMK Slatina announced last week that TMK Europe was exploring available financing options, including a potential secondary public offering of shares held in the company, but no firm decision had been made yet.
“The review of the available financing options is ongoing and is subject to a number of elements to be taken into consideration by TMK Europe, including market conditions and the required approvals. No firm decision has been made in this respect,” it said.
Sources close to the matter told Ziarul Financiar Russian-held TMK Group was looking into an accelerated book-build.
TMK owns 92.7% of TMK Slatina, which would raise its free float in the event of an SPO.
TMK Slatina also summoned a general shareholders’ meeting to approve a share capital hike of RON188.3 million, to a maximum share capital of RON480 million, through the issuance of 75 million new shares at a face value of RON2.51. The company seeks to raise its share capital to lower its debt.
TMK-Artrom Slatina posted a 30% growth in turnover in 2018, to RON1.4 billion, and a 72% hike in net profit, to RON56.6 million.