Ardaf owners to come up with 4m euros

Ardaf insurance company, headquartered in Cluj-Napoca, will increase its share capital by 200 billion ROL (4 million euros), to 375 billion ROL. “This has been our policy so that we don’t lag behind the other companies on the market from this point of view. At the beginning, our shareholders (Ardaf is controlled by Tender company i.e.) were thinking of a smaller sum, but they eventually agreed to this level,” said Octavian Manastireanu, the company’s executive manager. The company, which has been subject to an inspection by the Insurance Supervision Commission, at one point earlier this year had its liquidity quotient below the authorised limit of 1. However, Manastireanu stated this was not why the decision to raise the share capital was made. The issue price of the new stock will equal the 1,000 ROL face value. The capital increase will be approved by an Extraordinary General Meeting of Shareholders, scheduled for September 29. ZF