Componente Auto buys 25% back

Topoloveni-based Componente Auto company repurchased a stake of 234,000 shares from SIF Oltenia, which has thus liquidated the interest it held in this company. The repurchased shares account for almost 25% of the share capital of Arges-based plant. The company repurchased its own shares in order to cede them to its own employees. The company”s employee association currently owns 39.6%. The price Componente Auto paid to buy back the stock stood at 75,000 ROL/share, with the value of transactions exceeding 17.5 billion ROL (almost 0.48 million euros). The par value of the company”s shares amounts to 25,000 ROL. Componente Auto Topoloveni produces suspension elements, steering systems and engine parts, with its main customers including Automobile Dacia, Daewoo Romania, Roman Brasov and Tractorul Brasov. In 2004, the company derived turnover worth 8.6 million euros (348.7 billion ROL), 7% higher as compared to 2003, when its turnover reached 8 million euros (303.4 billion ROL). 2004 profit stood at only 6,300 euros (256 million ROL), against the 0.3 million euros (11.6 billion ROL) in 2003, mainly amid expenses linked to retooling. ZF