Romlux to be broken up

Romania’s largest light bulb manufacturer, Romlux SA Targoviste, is to be split into two separate companies, following a decision by shareholders. The proposal came from Broadhurst, an investment fund and Romlux’s majority shareholder (69%). The company’s shareholders authorised the Romlux management at the latest EGM to come up with a project for the breaking up of the company. The operation will see a number of buildings, some land and debts belonging to Romlux Targoviste go to Romlux Lighting, another Broadhurst-controlled company. The debts represent loans of several hundred thousand euros taken out with the investment fund. Romlux Lighting operates on the lighting services market and will take over the section split off from Romlux SA through merger by absorption. When the process is finished, the remainder of Romlux SA will continue to manufacture lighting equipment. ZF