Electroputere Craiova shareholders approve 19 times rise in share capital

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Shareholders of Electroputere Craiova engine maker (southern Romania) approved last week a rise of almost 19 times in the share capital, from 12.4 million lei to 233.33 million lei, reads a report of the company submitted to Bucharest Stock Exchange (BVB).
The shareholders empowered the Executive Board to operate the rise in the share capital, to 233.33 million lei, within one year after publication of the decision in the Official Gazette. The deadline can be postponed for no more than a year.
 
At an extraordinary assembly, approved was also the contracting of a loan from any commercial bank in Romania, of no more than 70 million euros, for financing the activity of the company and paying the debts to the state budget. The Administration Board was also empowered to purchase a technological line for railways, with a view to developing new kinds of engines, carriages and wagons.
Electroputere registered in H1 2008, losses worth 12.785 million lei, up 13.43% from H 1 2007, when it posted 11.271 million lei in losses, read financial reports of the company submitted to BVB.
 
The rise in losses took place in a period of increased activity, with the net turnover advancing 28%, from 62.394 million lei to 79.896 million lei.
The total revenues of the company climbed 49%, from 70.3 million lei to 104.81 million lei, and the total expenditures rose 44%, from 81.572 million lei to 117.595 million lei.
On June 30, 2008, the debts of the company stood at 79.896 million lei, up 80% from a year before, and the liabilities at 35.287 million lei, up 45.49%.
 
Electroputere Craiova plant was set up on Sept 1, 1949, as a maker of equipment for energy field and rail transport. In 1990, it was split in seven companies, and in 1994 the units were brought together in a holding company. The plant makes engines, electric generators, and transformers.
The Romanian state sold its shares, accounting for 63%, to the Arabs from Al Arrab Constructing Co., in Nov 2007.
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