(ADP news) - Oct 3, 2008 - Romanian steel tube producer Artrom said today that it planned to increase its share capital by RON 304.85 million (USD 107.32m/EUR 78.16m), from RON 30.79 million it has now, via the issue of new shares.
The company will issue 30.76 million new bonus shares, of which the shareholders will be given 2.5 shares for each share held, and a second issue of 90.78 million new shares all with a par value of RON 2.51, of which the shareholders will be able to subscribe 7.4 new shares for each share owned at nominal value.
TMK Artrom is controlled by Germany's TMK Europe GmbH with a stake of 80.56%. Romanian investment company SIF Oltenia has 12.19% in TMK Artrom.
The steel tube producer posted a net profit of RON 9.88 million for the first half of 2008, down more than fourfold from a year earlier, and a turnover of RON 298.14 million, up 8.8% year-on-year.
TMK Artrom shares are listed in the second tier of the Bucharest Stock Exchange (BVB) where they last traded on Wednesday closing at RON 12.2.
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