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Friday, January 28, 2005

ALRO gets USD 5.6 milion in capital hike

Just had my exam in Capital Markets today, so this fits in perfectly...

Alro, the Romanian aluminium smelter, raised just 161.7 billion lei ($5.6 million/4.3 million euro) in a capital hike initially designed to boost its capital by 234.5 billion lei to 2.18 trillion.

Shareholders subscribed for 32,347,504 shares at their nominal value of 5,000 lei each, the company said in a statement to the Bucharest Stock Exchange (BVB), where it is listed.

The 14.5 million shares that were not subscribed for were cancelled.

On one hand, I am happy to see ALRO manages to raise some money. On the other hand, even if I am not THE expert in romanian Stock Markets, I know ALRO is doing pretty well...I believe they deserved more.

Hopefully they're gonna make good use of the money.

Posted by Mihai : 1/28/2005 03:48:00 pm