Stock of Alro Slatina aluminium producer yesterday rose 14.6 percent at the bourse to 204,000 lei per share, a new historical record high. All shares put up for sale were sold after the intention to raise the company's share capital, grant free stock and split the face value per share was announced.
The equity offer was exhausted during the first 20 seconds the stock started being traded again, after it had been suspended from trading for the meeting of the company's General Assembly of Shareholders (AGA).
"It seems that there were investors quite determined to buy as many Alro shares as possible, because, once the stock started being traded (12.30 hours), approximately 20 seconds passed, that is the time an operator needs to introduce an order, before all stock was bought off (through a single order all shares are bought, irrespective of the price), within the limit of the maximal daily variation threshold," Alexandru Dobrescu, a trader with Danubius Securities brokerage, told Ziarul Financiar.
Demand for Alro stock practically exploded in the wake of a company statement released through the bourse system, saying that the company planned to reevaluate assets and increase the share capital by 473.402 billion lei, from 318.929 billion lei to 792.331 billion lei.
Most market operators expect an ascending evolution of Alro stock during the following sessions, the more so as, after the two operations that emptied the market, there were no shares left for sale and offers displayed the maximum price of the day, so that each bidder's order was executed automatically.
The General Assembly of Shareholders is to approve on September 4 the share capital raise, as well as the split of the face value per share from 25,000 lei into five shares worth 5,000 lei each.
Alro will issue 158,466,308 shares with a face value of 5,000 lei, respectively 63,785,850 shares associated with the old divided capital and 94,680,458 shares corresponding to the increase in the share capital. The new shares will be distributed to the company's shareholders in line with the number of shares held at the reference date, August 25, 2000, the statement reads.
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