State-owned Oltchim on profit for second month in a row, prepares ground for privatization

Local company Oltchim Ramnicu Valcea, listed on the Bucharest Stock Exchange (symbol OLT) posted a turnover of EUR 32 million in October, up 14 percent on the average in the first ten months this year. This was the second month in a row when Oltchim managed to post a profit, as its profit from its main activities covered entirely the financial loss. Oltchim was expecting a EUR 31.8 million turnover for October and the expectations for November point to a turnover of EUR 40.6 million, along with a profit. The state wants to privatize Oltchim by selling the majority stake and two investment funds have already expressed interest, according to Karoly Borbely, state secretary within the local Economy Ministry. Oltchim's shares were trading at RON 0.209 per share on the Bucharest Stock Exchange, while its market capitalization was of EUR 16.1 million, according to data on Monday, November 29. The company's main shareholder is the Romanian state, with 54.7 percent of the shares, investment fund PCC, with 12.1 percent of the shares, and other minority shareholders, according to data from BSE.