Romanian Iproeb Puts 275 Employees On Technical Unemployment

Romanian cable producer Iproeb Bistrita (IPRU.RO) will sent 275 out of its 653 employees on technical unemployment as of April, due to lower orders, the company's Board decided Wednesday.

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"In the period in which the company is not able to sell its products, the activity will be interrupted and the personnel will receive 75% of the monthly salary, according to the collective labor contract. This decision will affect 275 employees in April," according to an Iproeb statement sent to the Bucharest Stock Exchange.

Iproeb put into technical unemployment 280 persons in January and 120 people in February.

Mid-February, the Bistrita-based company announced it would lay off 102 of its 653 employees in order to render the activity more efficient, on a dropping demand fueled by the economic crisis.

Iproeb has a share capital of 14.27 million lei (EUR1=RON4.2329), split into 47.5 million shares with a face value of RON0.3.

According to the most recent data, Electromontaj company owns a 30.79% stake in Iproeb, while Cyprus-based investment fund RC 2 owns a 5.83% stake.

The company is listed on Bucharest bourse's Rasdaq market. On Wednesday, Iproeb shares closed at RON0.85 per unit, down 0.5% compared with the reference price. Thus, the company’s market value stood at RON40.6 million.

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