The shares of Slatina-based aluminium producer Alro are going from one high to another. On Wednesday, they attained the value of 234,000 lei per share, 15% higher than in the previous session, and the general excitement aroused by the announcement referring to capital increase and free shares granting is very likely to continue.
"The maximum value that can be registered amounts to 250,000-260,000 lei for one share. Anyway, this value is exaggerated. Let's not forget that buyers might not be willing to pay such a price for these shares. In the next seven or eight months, the value of Alro shares is unlikely to go bellow 150,000 per share," Radu Jorgovan, a trader at IFB Invest Arad, told Ziarul Financiar.
The final price Alro shares are expected to reach after the decrease generated by the capital increase operated by free shares granting is estimated by analysts at around 110,000-120,000 lei per share, against the face value of 25,000 lei. If the book value amounts to 5,000 lei for one share, the price of an Alro share might be around 22,000-24,000 lei.
"By August 22 (i.e. when Alro shares are withdrawn from trading), sellers will speculate buyers' "speculative" intentions," market sources said. "Given that Alro shares were usually traded at a constant value of around 8 dollars, the price is likely to be 12.5 times lower after the split," the same sources added.
Alro intends to re-evaluate its assets and increase its share capital by 473.402 billion lei, from 318.929 billion lei up to 792,331 billion lei.
The General Assembly of Shareholders (AGA) on September 4 is to approve the share capital increase and the split of the book value of one share, which is currently worth 25,000 lei, into 5 shares, each of them worth 5,000 lei.
The company is to issue 158,466,308 shares, having a face value worth 5,000 lei, 63,785,850 shares corresponding to the old, divided capital and 94,680,458 shares corresponding to share capital increase. The new shares will be distributed to the shareholders according to the stakes they owned in the company on August 25,2000, the reference date.
Among significant Alro shareholders there are SOF (State Ownership Fund), with 54.74% of the share capital, investment funds Broadhurst Investments Ltd, with 6.12% of the shares, and Romanian Investments Company (RIC) Cyprus, with an 8.66% stake, as well as the Conef company, which owns 10.57% of the shares.
After the first quarter of this year, Alro registered net profit worth 742.075 billion lei, against turnover amounting to 3,205.9 billion lei. For the current year, Alro managers estimate gross profit worth 1,019.1 billion lei, total expenditures of 5,352 billion lei, against turnover amounting to 6,371.6 billion lei.
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