A 9.8 percent stake in aluminium plant Alro Slatina changed hands through a special transaction worth approximately 17.4 million dollars on the Stock Exchange on Friday.
The deal is actually a redistribution of the shares within the consortium controlled by the US-based Marco International trade company, which holds 78 percent in Alro, sources on the market say.
The consortium comprises Marco International, Marco Acquisition – Marco International’s investment company, and Conef Bucharest, a Romanian trade company held by the American firm.
The transfer of the 9.8 percent in Alro from one company of the holding to another cost the trade company several hundred thousand dollars in stock market transaction-related fees.
Marco International actually started a series of procedures to modify the shareholding structure in its companies in Romania quite a while ago.
Alro Slatina has therefore recently taken over 69.92 percent in Alprom Slatina, another aluminium company controlled by Marco International. The stake was transferred from the Marco International – Marco Acquisitions – Conef Bucharest consortium for free.
Conef has been held by Marco Acquisitions, Marco International’s investment division since 1999, while Alro and Alprom were bought from the Romanian State in 2002.
Alprom’s takeover by Alro will make the shareholding structure of the two companies simpler. Subsequently, Marco International will hold the controlling interests only in Alro, which, in its turn, will control Alprom.
Alprom’s acquisition by Alro could be the first step towards a merger of two entities.
The merger will create a company whose turnover reaches about $400 million and is but one step of the plan to create an integrated aluminium group controlled by Marco International.
Alro and Alprom last year posted much poorer financial results than in 2001, due to the unfavourable conditions on the international market, which pushed the aluminium tonne price down to its all-time low.
Alro Slatina last year posted net profit of 842.3 billion ROL, down 41 percent from the 2001 result, when it had logged 1,428 billion ROL.
An Alro release filed with the Bucharest Stock Exchange shows its 2002 revenues to have amounted to 10,553 billion ROL in 2002. The aluminium smelter posted 10,348 billion ROL turnover, up approximately 1,700 billion ROL compared with the previous year.