Romanian Petromin Might Slash Shr Cap Or Be Dissolved

The managers of Romanian maritime transport company CNM Petromin Constanta (CNMP.RO) proposed the shareholders to reduce the firm’s share capital, in order to cover the losses, or even to dissolve it.

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The shareholders will make a decision on June 28.

Petromin has a share capital of 56.21 million lei (EUR1=RON4.1835). End-2009, the company's net assets were worth RON28.7 million.

According to the most recent data, the county's privatization authority AVAS owns a 70.01% stake in Petromin, while regional investment fund SIF Transilvania (SIF3.RO) holds 23.83% of its shares.

On the Rasdaq market of the Bucharest Stock Exchange, Petromin shares were last traded on December 9, 2009, at a flat price of RON0.25 per unit.

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