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Romanian Transilvania Constructii Mulls Taking EUR16M Loan, Sacking 180 Employees

Romanian construction company Transilvania Constructii (COTR.RO) plans to take some loans of maximum EUR16 million and to sack almost 180 employees in the first two months of 2009, the company announced Thursday.
Romanian Transilvania Constructii Mulls Taking EUR16M Loan, Sacking 180 Employees
27 nov. 2008, 19:45, English

The constructor’s shareholders will analyze the two propositions during their December 10 meeting, Transilvania Constructii announced in a press release.
 
The Cluj-Napoca-based company has a share capital of 23.4 million lei (EUR1=RON3.8580) divided into 709,000 shares with a face value of RON33.
 
Transilvania Constructii reported a turnover of RON50.3 million in the first nine months of the year, down 3% from RON51.7 million in the similar period a year earlier.
 
End-September, the company posted RON5.4 million in net profit, down 44% from RON9.5 million in the first nine months of 2007.
 
The president of the company’s Managing Board, Mircea Timofte, owns a 30.07% stake in Transilvania Constructii, while his wife Gabriela Timofte owns another 30.44% stake, according to the latest data. The company is also owned by regional investment fund SIF Banat-Crisana, with a 19.04% stake and the country’s privatization authority AVAS, with a 3.17% stake.
 
Transilvania Constructii is listed on the Bucharest Stock Exchange. On Wednesday, its shares were traded at RON43 per unit, down 10.42% compared with the reference price. Thus, the company’s market value stood at RON30.5 million.