125% gain for Azomures minority shareholders

The minority shareholders of chemical fertilisers producer Azomures have gained 125% since last September, when the company started a 1,000bn ROL ($30 million) share capital increase operation. A shareholder that had 1,000 shares quoted at 2,400 ROL in September was allowed to buy 2,650 new shares at 1,000 ROL, so that they now hold 3,650 shares worth 3,100 ROL each. The initial 5.05 million ROL investment is now worth 11.3 million ROL. The stakes of the minority shareholders therefore rose from 18% to 24%, while the Privatisation Authority (APAPS) and Broadhurst investment fund saw they stakes shrink, as they did not participate in the increase. The majority shareholder boosted its stake from 50.4% to 55.9%, even though it did not buy all the shares it was entitled to. Azomures last year began a 1,000bn ROL share capital increase, but sold only 150bn ROL’s worth by the time the subscription ended. The shareholders at the end of last week decided to have the unsubscribed shares cancelled, so that the capital increased by only 526bn ROL. ZF