Musetescu supports partnership solution for Alro

US-based trade company Marco International may become a shareholding partner at Alro Slatina provided it acquires another 5-7% stake in the company, according to Privatisation Authority minister Ovidiu Musetescu.

Marco International holds 32% in Alro through Conef and Marco Acquisitions and this week is likely to launch a public purchasing offer for all the available Alro shares. The Privatisation Authority (APAPS) still holds 54.7% in Alro.

“If one of the shareholders acquires more shares (estimated at 5%-7% by some analysts), by the next General Assembly of Shareholders (AGA) scheduled for June 29, we will be dealing with a partner and not with a minority shareholder,” Musetescu said.

Waiting for the public purchasing offer to be launched, investors from the Stock Exchange have displayed an expectation attitude towards Alro shares lately.

The price was stable on Friday, with a closing quotation of 23,900 lei/share, up 1.3%. Most of the brokers estimate that the offering price will stand at about 25,000 lei/share.

Marco International through its two branches plans to request one more position in the Alro Management Board (CA) during the next General Assembly of Shareholders.

Four of the five CA members are currently APAPS representatives, while the fifth is a Conef representative.

According to Ovidiu Musetescu, the Privatisation Authority will comply with the algorithm imposed by the Stock Exchange on Alro Slatina shareholding structure, after the public offer launched by Marco International is concluded.

“Conef pays money not advice for Alro shares,” the Privatisation Authority minister said.

He considers that the institution should at least act “morally” regarding Conef request, as there is no minority shareholders Law for the time being.

Two months ago, Marco International held 10.5% in Alro, through Conef. In the meanwhile, speculating the uncertainty regarding the share capital increase, Marco purchased shares from the market and has come to own a 32% stake in Alro.

“The “coagulation” of Alro Slatina shareholding can only benefit the company’s privatisation,” Ovidiu Musetescu stated.