Siretul Pascani to raise more capital

Textile manufacturer Siretul Pascani intends to increase its share capital by 68.2bn ROL (1.8 million euros). The operation will be conducted by issuing bonus shares to the tune of 28.2bn ROL, with the share capital due to include the issue premiums from last year’s capital increase and net profits made in 2004 and not disbursed. The remaining 40bn ROL are to be collected by issuing a number of 40 million new shares, with a par value of 1,000 ROL per share. The bonus shares will be distributed to company shareholders that register by May 16. Each such shareholder will receive 21.6 bonus shares for every 100 shares held. The issue price proposed for the remaining shares is 1,600 ROL, and includes a 600 ROL issue premium. The money raised by this increase will be used for investments in retooling. This will help the company to adapt to the requirements of the market. The capital increase proposal will be put to the General Meeting of Shareholders for approval on May 11. ZF