Otelinox could be delisted from BSE

Otelinox Targoviste, special steels manufacturer and a part of the Korean company Samsung, could be delisted from the Bucharest Stock Exchange. Otelinox is the fourth listed issuer to announce its intention to exit the Stock Exchange, after Vel Pitar Ramnicu Valcea, Electroaparataj and Mefin Sinaia announced that they had similar intentions. A few other companies on RASDAQ announced they were planning on doing the same thing. Otelinox”s Board of Directors called an Extraordinary General Meeting of Shareholders for May 10, where the proposal to withdraw company shares from trading is to be submitted for approval. The EGM will also include a debate over the report drawn up by an authorised expert regarding the price per share that must be paid by shareholders who want to withdraw from the company. Otelinox officials could not be contacted on Monday to provide more information on the subject. Otelinox”s majority shareholder is Samsung Deutschland GMBH, one of the subsidiaries of the Korean group Samsung, which owns some 75% of the shares. The main minority shareholder of the company is the Broadhurst investment fund, with 13% of the shares. ZF