Cemacon to float for funding

Shareholders in construction supplies manufacturer Cemacon Zalau have endorsed a capital increase in the company to 7.33 million RON (2.03 million euros), enabling it to float on the Bucharest Stock Exchange. The capital increase will be performed by incorporating the reserves made from the previous years” profits of more than 5.86 million RON (1.6 million euros). Shareholders registered by October 31 will receive four bonus shares for every share held. Cemacon”s current share capital stands at over 1.46 million RON (0.4 million euros), with a par value per share of 2.5 RON. “We want to float on the Bucharest Stock Exchange by mid 2006 in order to make it easier for us to secure funding for future investments, for which we are considering both development projects and acquisitions of other companies. For instance we now own 10% in Cercon Ariesul, a construction supplies manufacturer based in Campia Turzii, and to extend our control over this company we need the funds we hope to raise from selling shares on the capital market,” said Andrei Hodis, the company”s marketing manager. ZF