The share capital increase that was supposed to take place this spring at Alro will be eventually performed this fall.
Marco International saw its position consolidated following the acquisition of another 20% stake in the Romanian company and is expected to become the main shareholder in the Slatina-based plant. The surprise is that the money aimed at the share capital increase will be used to acquire BBG Alum Tulcea.
Most of the funds headed for aluminium maker Alro Slatina following the share capital increase by cash, standing at 55 million dollars, will be aimed at acquiring alumina plant BBG Alum Tulcea, market sources told Ziarul Financiar.
Trade company Marco International, which will become Alro’s main shareholder if the share capital increase (tackled again after a three-month delay) takes place, will thus be able to attain two goals in a single move: it will take control of Alro and will buy BBG, becoming the owner of a holding that only needs one more link in order to be entirely integrated: aluminium processor Alprom Slatina.
Marco International representatives in Romania volunteered no comments on the information regarding negotiations for the takeover of BBG Alum, which is now controlled by another trade company – Balli Group. The problem is that Balli is also in talks with Ruschii Aluminium, which holds Alor Oradea and which would cut Alro’s access to Romanian-made alumina if it also acquires BBG Alum.
The Management Board of Alro Slatina summoned the General Assembly of Shareholders (AGA) for September 3. One of the issues on the agenda tackles the single-stage share capital increase from 792.29 billion lei to 3,234 billion lei.
The share capital increase will be performed by incorporating asset reassessment reserves, standing at 792 billion lei, and by issuing 330 million new shares with a face value of 5,000 lei.
The main Alro shareholders are the Privatisation Authority (holding 54.71% of shares), Marco Acquisitions Limited (with a 27.85% stake), Conef Bucharest (which owns 13.88% of stock), and SIF Oltenia (with 0.08% of shares).
Marco Acquisitions and Conef Bucharest will participate in the share capital increase and may come to own 60 percent of the company’s shares following this operation, provided the State does not subscribe.
Shares issued by aluminium maker Alro Slatina on Friday posted a 14.65% increase on the Bucharest Stock Exchange, following the announcement regarding the AGA summoning for the share capital increase.