„The Company has been informed by its majority shareholder – Vimetco N.V., which currently holds 84.1898% of the Company’s share capital (“Vimetco”) – that Vimetco is exploring strategic options for a potential decrease of its ownership stake in the Company and is reviewing any available options depending on market conditions, including a secondary public offering of shares on the Bucharest Stock Exchange,“ the statement reads.
The review is ongoing, including with respect to the level of decrease in its ownership stake, which is subject to a number of elements taken into account by Vimetco, to market conditions and required approvals.
„No firm decision has been yet made to move forward with a transaction. Further announcements will be made as and when a firm decision is made,“ the statement also reads.
Alro Slatina, listed on the main market of the Bucharest Stock Exchange, reported sales of RON2.47 billion in 2017, up 16% year-on-year, and a fivefold increase in its net profit, to RON318 million.
The company has a market capitalization of RON2.6 billion and its shares have increased by 12% since the start of 2018. Its shareholding structure includes Vimetco with an 84.1% stake, and investment fund Fondul Proprietatea (FP.RO) with a 10.2% stake.
Producing over 200,000 metric tons of primary aluminium, Alro is the largest aluminium smelter in Central and Eastern Europe (excluding CIS).