(story to be published in tomorrow's issue, March 31)
Aircraft engine producer Turbomecanica Bucuresti in 1999 posted net profit of 2.95 billion lei, gross dividend/share to be granted to shareholders amounting to 401 lei, almost 300 percent higher than in 1998, shows the company in a release. Net dividend granted for one Turbomecanica share in 1998 was 190 lei. Dividends to the company's shareholders, according to the same sources, were to be paid starting March 20. Gross profit posted by the company over this period of time was 10.83 billion lei, almost four times higher than net profit. Last year, Turbomecanica registered turnover of 143 billion lei, against total revenues of 153.62 billion lei and total expenditures of 142.78 billion lei. The State Ownership Fund at the beginning of this month announced the resumption of the privatisation process for the company, this being the fourth attempt of the fund to sell the company. The sale of the 62.54 percent stake in the share capital of Turbomecanica, that is, 1,238,597 shares, will be made through the method of direct negotiation. Potential investors can submit bids to the State Ownership Fund before April 11, after paying a guarantee of 6 billion lei. Last summer SOF also negotiated with Canadian company Magellan Aerospace Corporation the sale of the stake it held in Turbomecanica, but negotiations failed. At that date, the offer value of the entire stake was 310.37 billion lei, that is 250,000 lei for one share. Turbomecanica has a share capital of 49.515 billion lei divided into shares with a face value of 25,000 lei/share. Shareholders of the company include the State Ownership Fund with the main stake of 62.54 percent, SIF Muntenia financial investment company with 0.63 percent of the shares, Romanian Investment Company Cyprus with 5 percent, and Broadhurst Investment with 5.9 percent of the shares, the rest of shares belonging to small investors. Turbomecanica designs, tests, produces and trades aircraft engines, ensembles, as well as engine parts and equipment.
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