The statements made over the last few days by the Oltchimmanagement on BCR becoming an Oltchim shareholder, havesignificantly influenced share prices, prompting the NationalSecurities Commission (CNVM) to look into the events. The shares ofchemical plant Oltchim Râmnicu Vâlcea (OLT) lost 6% yesterday afterthe plant management withdrew previous statements as to BCR'sintention to become a shareholder of the plant.
On Thursday the Oltchim management published a release on the StockExchange, announcing that the BCR, the biggest bank on the Romanianmarket, had agreed to become an Oltchim shareholder, by convertinginto shares part of a loan granted to the plant in 2009, amountingto 72 million euros. The announcement drove Oltchim shares up 12%in Thursday's and Friday's sessions, with the volume of sharestraded on Friday being the biggest in three years. At the end ofthe Friday session, the Oltchim management withdrew its statements,saying the BCR had yet to make a decision on becoming ashareholder.
Oltchim is 55% controlled by the Economy Ministry and has a 17million-euro capitalisation.
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