Romanian Transilvania Constructii Mulls Taking EUR16M Loan, Sacking 180 Employees

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.