Argus increases capital on paper

Argus Constanta, the second-largest edible oil maker in Romania, is planning a $3.56m capital increase, by including the reserves and issuing bonus shares. If the increase is approved, every Argus investor recorded in the shareholders register by July 23 will get one bonus share for every three shares previously held. The increase proposition follows several weeks of rumours about the imminence of such a move on RASDAQ, where Argus is listed. It is precisely those rumours that have pushed the Argus quote up a bit this month. The latest quote of the Argus shares (150,000 ROL in par value) was 275,000 ROL, 10% higher than at the end of June. Calculated at this quote, Argus’ market capitalisation reaches $12.46 million. The company was listed on RASDAQ last year and the main shareholders are its employees, with the largest stake (10.58%) held by Vasile Leu. Argus’ S&R budget for this year shows about $3 million net profit target, twice lower than in 2002. ZF