Siretul Pascani has 2m euros to spend on stocks

Textile manufacturer Siretul Pascani will request the shareholders’ approval to authorise the Board of Directors to invest 2 million euros to purchase shares. Siretul Pascani does not currently have a majority shareholder, the main shareholders of the company being SSIF Broker and SIF Transilvania. The company also asked for the approval of the shareholders in the Extraordinary General Meeting called for July 22nd, to sell a building not used in the production process. The investments on the capital market would be mainly funded from the revenue received from the sale of the building. At the end of March, Siretul had 2.97 million RON (0.8 million euros) in cash and in bank accounts. “Siretul has reached a stage in its development, which allows it to pursue a more aggressive policy than the one it currently employs. We are trying to establish the company’s strategy over a three-year period, and this is one of our options, to invest on the capital market. But this doesn’t necessarily mean we will put it into practice. We have requested our shareholders’ approval because we want to be ready to make quick decisions,” explained Dan Berinde, chairman of the board of directors of Siretul.