Fondul Proprietatea to challenge in court capital increase at Bucharest Airport Company

Fondul Proprietatea investment fund, a minority shareholder (20%) of Aeroporturi Bucuresti (CNAB), the operator of the two airports in Romania’s capital city, will file a claim of annulment against the extraordinary general shareholder meeting (EGSM) resolution on a massive and controversial capital increase, it said.

EGSM passed a decision to increase CNAB’s capital from RON 143 mln (EUR 29 mln) to RON 4.9 bln (nearly EUR 1 bln) as a result of the capitalisation of the land used by one of the airports (Baneasa - pictured).

Under the decision passed by the EGSM, unless Fondul Proprietatea subscribes 95,370,229 shares, worth RON 953.7 mln (nearly EUR 200 mln), its 20% stake would be diluted (to 1.5%).

The representatives of the Romanian Government explained the high value of the land by the high interest of the real estate investors in the area where the airport is located.

(Photo: Mihai Olaru/ Dreamstime)