Oltchim shareholders dispute

The General Meeting of the chemical plant Oltchim Ramnicu Valcea shareholders, which discussed a capital increase for the plant with the biggest debts to the Banking Assets Resolution Authority (AVAB), did not go entirely as the minor shareholders had expected. The $95m increase was endorsed, which will improve the plant’s financial situation, but AVAB will receive a much greater number of shares than the minor shareholders had hoped, while the percentage they hold in the company will plunge. Following the increase, AVAB will control 91% in Oltchim, whereas US investment fund Lindsell, the most important minor shareholder, will see its stake dive from 12.5% to 1.1%. ZF