Otelinox to decrease capital by 1.6m euros

Targoviste-based Otelinox, a producer of stainless steel strips and sheets intends to decrease its share capital by 5.3 million RON (1.6 million euros), to 21.3 million RON, according to a company announcement. The decision regarding the capital decrease will be analysed by the General Meeting of Shareholders which is to be held on May 30th, when procedures will be decided on, and when the company’s charter will be modified. Following this operation, Otelinox will preserve Samsung Deutschland GmbH, a branch of the South-Korean group Samsung, as its majority shareholder, with 93.7% while SIF Oltenia will control 5.2% of the shares. According to the latest available data, Samsung Deutschland holds 74.99% of Otelinox’s capital. Otelinox shareholders decided to delist the company’s shares from the Bucharest Stock Exchange, and the National Securities Commission approved the removal of the company’s shares from trading on the BSE, starting October 5, 2006.