Russian investors extend Alro SPO, reduce asking price

Russian-owned group Vimetco has extended the period of its secondary public offering (SPO) aimed at selling a 53% stake in Romania aluminum producer Alro Slatina by three days, until July 19. The group has also lowered the maximum asking price by a third, from RON 6 per share to RON 4 per share. The maximum value of the offering was thus reduced from RON 2.37 billion (EUR 510 million) to RON 1.53 billion (EUR 330 million). Moreover, individual investors who buy Alro shares in the offering will get a 7% discount to the final price, the company has also decided. Vimetco, which controls over 87% of Alro’s shares together with its affiliate company Conef, launched the secondary public offering on July 2. This is one of the biggest private share sales ever conducted on the Bucharest Stock Exchange. Deutsche Bank and UBS coordinate the Alro SPO. Alro group had sales of RON 2.7 billion (EUR 580 million) and an operational profit – EBITDA of RON 566 million (EUR 121 million) in 2017. editor@romania-insider.com