Vimetco plans to sell share package in Romania's Alro Slatina through secondary public offering

Vimetco group plans to sell a 21 percent share package in aluminium producer Alro Slatina in Romania through a secondary public offer. The Romanian Securities Commission (CNVM) has recently approved the preliminary prospect for the sale, at a nominal value of RON 0.5 per share. The offer is intermediated by UniCredit Bank, together with brokerage firms UniCredit CA IB Securities Romania, Raiffeisen Capital & Investment and ING Bank. The value of the secondary public offering could be of EUR 139.8 million, based on the last trading price on the Bucharest Stock Exchange. Alro Slatina's shares are currently trading on the Bucharest Stock Exchange at a closing price of RON 3.85 per share. More about the evolution of shares here. Vimetco owns 84 percent of Romania's Alro. Other shareholders in the company are Fondul Proprietatea, with 10 percent of the shares and Conef, with 3.5 percent. Alro posted a turnover of USD 570 million last year and a net profit of USD 50.5 million. Alro Slatina estimates for this year a net profit of USD 64 million, up by 28 percent compared to last year, according to a report submitted to the Bucharest Stock Exchange. The Russian company took over the majority stake in Alro in 2002 from the Romanian state, when it bought 10 percent of the shares for USD 11.4 million. Vimetco already had 40 percent share package in Alro from the Bucharest Stock Exchange. editor@romania-insider.com