Banatim could operate 1.4m-euro share capital increase

Footwear manufacturer Banatim in Timisoara could increase its share capital by 4.5 million RON (1.4 million euros), to 5.7 million RON (1.8 million euros), if shareholders subscribe all the shares issued for this move. The General Meeting of Shareholders approved the capital increase on Wednesday. The move will involve issuing 45 million shares with a nominal value of 0.1 RON per share; the shareholders will have one month to subscribe after the decision is published. In the general meeting held on Wednesday, the shareholders also made the decision to replace the members of the Board of Directors. Banatim’s majority shareholder is Bucharest-based Ring Afaceri, with a 78.69% stake, while Bega Turism, together with Marius Cristescu, one of the owners of the Bega group of firms, holds 9.48% of the shares. The business of the footwear manufacturer declined by 23.6% last year, to 4.2 million RON (1.19 million euros), with the company continuing to see losses, of 1.1 million RON, also down by 21.4% on the previous year.