2m-euro capital increase for Faur

Bega, controlled by the Cristescu brothers, will increase the share capital of Faur Bucharest by 2.9 million euros (10 million RON), according to information published in the Official Gazette. In the wake of this increase from 7.7 million euros (27 million RON) to 10.6 million euros (37 million RON), the share capital will be divided into 15,058,586 shares, with a nominal value of 2.5 RON each. Bega will hold the company’s majority stake, with a total of 85%, the State Assets Resolution Authority will hold 12%, while the remaining percentage will be divided among individual and corporate shareholders. Company officials could not be contacted on Wednesday for further comment. On Monday, Faur officials announced that following a decision approved by the Board of Directors, the company’s shares would be traded on the Rasdaq market. At present company shares are included in the unlisted category of the Bucharest Stock Exchange.