4.8m-euro capital increase at Electromagnetica

Shareholders of Electromagnetica Bucharest have approved the increase of the company’s capital by 16.9 million RON (4.8 million euros) by capitalising reserves set up from the net profit. The capital increase will be made by the granting of bonus shares, with each shareholder registered in the shareholders’ registry by September 15 to be granted a bonus share for every share owned. Electromagnetica’s shareholders have also approved, among other things, the acquisition of plots of land close to the Tartasesti commune (Dambovita county) and near Bucharest. The company management has been authorised to negotiate with the prospective sellers to buy plots of land worth up to 1.5 million euros. Company representatives were not available for further comment on Monday. Electromagnetica’s share capital will reach 33.8 million RON (9.6 million euros) following the capital increase.