Chemical plant Oltchim Râmnicu-Vâlcea (OLT), run for over 20years by Constantin Roibu, has in the first quarter of this yearreached turnover of 464.7 million lei (110 million euros), 93% morethan in January-March of last year.
In the first quarter of 2008, before the start of the economiccrisis in Europe, Oltchim reported similar turnover, of around 467million lei and losses of 3.6 million lei.
Oltchim is currently the most coveted company in the state'sportfolio, being included on the list of companies that theGovernment has committed to the IMF to privatise. German group PCC,which holds 12.16% of the shares, has repeatedly voiced interest totake over the plant and has been fighting for around three years totake over Oltchim's management in order to impose its strategy.
This year, a British fund specialising in problematic assets,became an Oltchim shareholder, after buying 11.92% of the shares.Oltchim shares have seen the biggest rise on the Stock Exchangesince the beginning of the year, by over 100%.
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