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Azomures shares gain 15% on the BSE, waiting for a take over offer

Romania's largest fertilizer maker, Azomures, saw its shares grow this morning by 15 percent, to 0.23 lei per share, as investors speculated on a possible take over offer, after the Central Depositary drew attention on a change in shareholdering.

BNR announced at the beginning of today's bourse session that Transworld Fertilizers Holding, the majority Azomures shareholder, transferred its 55.97 direct stake to U.S. compny Eurofert Investments as the contribution to the increasing of the company's share capital.

According to the capital market rules, shareholders that control over 50 percent of a company's capital should initiate a public take over offer for the rest of the shares within two months since the shareholders changed.

The producer announced previously that it would sent 430 of its 2,610 employees home in partial unemployment by the end of July, as the low demand for fertilizers triggered cutback in activity. Azomures trimmed its production by 50 percent at the beginning of April.

The company obtained a net profit of 2 million lei in the first three months of the year, a 27-fold slump on the similar period of 2008, following a 36 percent drop in business.

The company has a share capital of 52.6 million lei, divided into 526 million shares, at a face value of 0.10 lei.

Shares of Azomures are traded on the first tier of the Bucharest Stock Exchange (BSE) under the symbol AZO.

 

Sursa: http://www.newsin.ro

Tags: offer shares azomures bnr