Stock of chemical fertiliser producer Oltchim Ramnicu-Valcea registered one of the most important price leaps since the beginning of this month, reaching on Thursday the record high of 950 lei per share, 14.46 percent higher as compared to the previous session.
As compared to the minimal value of this year, of 326 lei per share, (March 24), the price of Oltchim stock climbed 192 percent.
The accelerated increase in price on the bourse seems to be based, according to Oltchim officials, on the company’s having entered the last privatisation round.
“There is a series of powerful investors who are really interested in the privatisation of Oltchim. We have submitted to SOF the privatisation proposal, which stipulates a share capital raise by 100 million dollars, as well as the sale of the stake owned by the Fund, which will probably be approved,” Vasile Mandica, the economic director of Oltchim Valcea, told Ziarul Financiar.
“I do not know what is exactly happening at Oltchim. Anyway, this might be an increase for the transfer of an important stake or for the company’s privatisation. On the other hand, should assets be re-evaluated, the value of the capital should rise at least six fold,” Cristian Andrei Siminel, representative of Broadhurst fund, one the Oltchim’s shareholders, told Ziarul Financiar.
On the other hand, stock exchange operators think that the accelerated rise in stock is rather generated by confidential information regarding a possible revaluation of the company’s stock, a fact that was however denied by the company’s officials.
As in the case of Alro, a possible revaluation would bring considerable benefits to the company’s stakeholders. The company has recently announced it planned to raise its share capital by 19.66 billion lei to 343.2 billion lei, following the approval by the Court of Accounts of the report on the patrimony revaluation.
The capital raise might bring to the company’s shareholders over 6 free shares for 100 shares owned before the reference date.