1.3m-euro capital increase at Vulcan

The producer of steam generators, Vulcan Bucharest, controlled by businessman Ovidiu Tender, will increase its share capital by approximately 1.3 million euros, according to a decision made by the shareholders. Ovidiu Tender was taken under preventive custody for a 30-day period at the prosecutors” request at the end of last week. Vulcan is to issue 1.8 million new shares, which will be offered to shareholders for 2.5 RON/share, a price equal to the par value. It is quite unlikely that minority shareholders will take part in this increase, as the quote of Vulcan shares is much smaller, of 0.9 RON/share. Grupul Energetic Tender (Tender Energy Group) owns 83% of Vulcan”s shares, with SIF Muntenia being the main minority shareholder, with a 19% stake; the rest of the shares are owned by non-significant shareholders. Businessman Ovidiu Tender took over the company in 2002. ZF