Vimetco Group, registered in the Netherlands, which holds the majority stake in the Slatina-based Alro, and controlled by Russian magnate Vitaly Machitski, is exploring strategic options for a potential decrease of its ownership stake in the only Romanian aluminium producer.
“The company has been informed by its majority shareholder – Vimetco N.V., which currently holds 84.1898 percent of the company’s share capital (Vimetco) – that Vimetco is exploring strategic options for a potential decrease of its ownership stake in the company and is reviewing any available options depending on market conditions, including a secondary public offering of shares on the Bucharest Stock Exchange (BVB),” an announcement posted by Alro reads.
The review is ongoing, including with respect to the level of decrease in its ownership stake, which is subject to a number of elements taken into account by Vimetco, to market conditions and required approvals.
No firm decision has been yet made to move forward with a transaction, the document shows. Further announcements will be made as and when a firm decision is made, the company points out.
Slatina-based Alro registered a net profit of RON 125 million, in Q1 2018, compared to a net profit of RON 90 million, in Q1 2017. The group’s turnover increased in Q1 2018 to RON 749 million, compared RON 681 million, in Q1 2017.