Alro finishes capital increase
Bucharest Business Week, January 15, 2003
|
The US-led group, which controls aluminum plant Alro, said it increased its ownership to 78 per cent from 52, following a 30 million USD capital boost.
"The capital increase reflects our commitment to further invest in Alro, to expand it," Peter Braun, Alro's vice president of the consortium, told Reuters. Braun said the increase was carried out through an issue of 195.6 million new shares. Small shareholders hold 2.07 per cent while the state maintains its 20 per cent stake in Alro's 75 million USD capital.
Alro was sold to a consortium comprising New York-based trader Marco International Inc, London-based Marco Acquisitions and local firm Conef in a 73 million USD deal signed last year. Under the deal, the group pledged to inject badly needed funds to help the smelter cope with a worsened global climate and improve raw material flows by purchasing alumina smelter BBG Alum.
The US-led group plans to raise Alro's output to around 200,000 tonnes by the end of 2003 from 187,000 tonnes last year and possibly to merge its activities with rolling mill Alprom.
|
|
|
|