Banca Transilvania increases capital

The shareholders of Cluj-based Banca Transilvania on Wednesday endorsed a capital increase by 364bn ROL from 970.86bn ROL to 1,334.93bn ROL, by issuing 364 million new shares whose par value is 1,000 ROL. The share capital increase will be done in two steps. The first is the capitalisation of the reserves set from last year’s net profit, which are worth 266.987bn ROL. A number of 266,987.644 new shares (1,000 ROL in par value) will be issued for the shareholders registered with the Shareholders Registry until the date set by General Meeting of Shareholders, April 21, 2004. Therefore any shareholder registered as such until the reference date will get 275 bonus shares for every 1,000 shares held (27.5%). The second stage of the increase will be done by new cash contributions from the shareholders registered by the reference date (March 25, 2004), which will be worth 97bn ROL. A number of 97,086,316 new shares (1,000 ROL par value each) will be therefore issued. Subscription price for this source of increase is 3,500 ROL/share. ZF