(story to be published in tomorrow's issue, March 7)
Dyes and lacquers producer Policolor Bucuresti at the end of last week announced the closing of the first stage of a capital increase through the issue of 7.5 million shares, approved by the General Assembly of Shareholders on January 17. Between January 24 - February 24, when shareholders registered at the reference date could exercise their pre-emptive right, a number of 4.66 million shares were subscribed, representing 62 percent of the total of issued shares. Moreover, Policolor's release says, the company's management board decided that the shares left unsubscribed should be offered for sale through a primary public offer or through private placement for a price to be established by the company's shareholders. The placement method is to be proposed by the management of the company and approved by the board at a subsequent date. Over the second half of January, Policolor announced its plan to increase the share capital by 7.5 billion lei, by issuing 7.5 million shares with a nominal value of 1,000 lei. The issuing price for one share is 4,000 lei/share, the difference between the nominal value and the issuing price representing the issuing premium, that is, 22.5 billion lei will be transferred to the company's premiums fund. In case of integral subscription, the company's capital will increase from 49.079 billion lei to 56.579 billion lei. Policolor has a share capital of 49.07 billion lei divided into shares with a nominal value of 1,000 lei. The significant shareholders of the company include Bank of Bermuda Guernsey Island (with 11.21 percent of the shares), Romanian Investment Company Cyprus (with 10.21 percent), the Romanian American Fund with 27.26 percent of the capital, and Romanian Investment Fund Cyprus Ltd with 28.21 percent. Over the first nine months of 1999, the company posted net profit of 5.13 billion lei, for a turnover of 317.3 billion lei. The company's own capitals, that include the reassessment difference as well as the reserves at the end of September 1999, stood at 420 billion lei. Policolor shares are traded on the Bucharest Stock Market, the last closing price on Friday's trading session, being 3,100 lei/share. Although at the beginning of the year Policolor shares started a strongly decreasing trend, most traders say that Policolor shares' increasing potential is quite high, mostly due to reassessment differences registered in the nine months balance, which amount to 232.15 billion lei, 4.74 times higher than the share capital. This means that, in case these differences are incorporated in the company's capital, current shareholders will receive about four new shares for one held previously.
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