Alprom-Alro merger closer to completion

The sole administrator of aluminium processor Alprom Slatina called an EGM of shareholders to analyse the merger, which should end with Alro Slatina absorbing Alprom. This meeting scheduled for June 10 is open to every shareholder registered as such in the shareholders’ registry no later than the end of June 1. Alro Slatina currently owns 85.4% in Alprom, and the two companies are controlled by US-based trader Marco International. Alro and Alprom’s shareholders at the end of April agreed in principle to the merger of the two companies. The completion of the merger is expected to result in an increase in the sales of the Alro-Alprom Group to $400 million, compared with $350 million last year. Alprom concluded 2003 with 179.8bn ROL ($5.4 million) losses, in spite of a 20% growth in turnover to 2,390bn ROL ($72 million). Alprom is listed on RASDAQ and its market capitalisation amounts to $34.4 million. It was last trading for 53,000 ROL. ZF