Romanian Romaero Cleared To Lay Off 200 Staff In ‘10

The Ministry of Economy, majority stockholder in Romaero, approved the reorganization measures at a shareholders’ meeting December 22, the company said in a statement Wednesday.

Any additional proposals aimed „to improve the authorized short-term restructuring program will be subject to the approval of the Economy Ministry and of the shareholders’ assembly and will subsequently modify the program,” the statement noted.

Romaero has a share capital of 15.6 million lei (EUR1-RON4.2047) split up in 6.24 million shares with a face value of RON2.5 each. The company employed approximately 1260 staff at the end of 2008.

Romanian Economy Ministry owns 51.9% of Romaero’s shares, while investment funds SIF Muntenia (SIF4.RO) and Fondul Proprietatea own 25.85% and 21% in the company each.

On the Bucharest bourse Wednesday, Romaero shares closed down 18% on the day at RON20.5 a unit.