Trading Oltchim shares (OLT) on the Bucharest Stock Exchange (BVB) will resume on Wednesday, putting end to a suspension of more than two and half years, the report submitted on Tuesday by the company to BVB reads.
This comes after the Court confirmed definitely and irrevocably the reorganization plan for the company.
The company’s shares were suspended on January 30, 2013, in the context of launching insolvency procedure. The shares were trading at the end-January at a price of RON 0.307/ unit, with a capitalization of RON 105.36 million.
After the first six months of the year, Oltchim, the chemical plant in Ramnicu Valcea, reported a net profit of RON 2.31 billion (EUR 518 million), after canceling debts of RON 2.35 billion under the reorganization plan. From the current activity, the chemical plant had decreasing losses to RON 9.12 million in H1, a press release informs.
The turnover of RON 364 million increased by RON 94 million, respectively by 35 percent over the same period of last year.
According to Oltchim’s insolvency administrators – Romlnsolv SPRL and BDO Business Restructuring SPRL, along with the special administrator, Bogdan Stanescu – ‘these are the best economic – financial results from the current activity recorded by the plant in Ramnicu Valcea during the last 4 years’.