Electroputere Craiova shareholders approve 19 times rise in share capital
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.
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 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%.
The Romanian state sold its shares, accounting for 63%, to the Arabs from Al Arrab Constructing Co., in Nov 2007.