Romania to up capital of Constanta Port by EUR 55 mln

The shareholders of the National Company Administration of Maritime Ports (CNAPM) Constanţa approved, in an extraordinary meeting on March 30, the increase of the company’s share capital by a maximum of RON 281.6 million (EUR 55 million), according to a note by Franklin Templeton – the administrator of Fondul Proprietatea (FP), which owns 20% in CNAPM.

To avoid dilution, FP should come up with a cash contribution of EUR 11 million.

CNAPM has recently reached a contract to take over the operator of Moldova’s main port (Giurgiulesti), Danube Logistics, from the European Bank for Reconstruction and Development (EBRD). The port’s free port regime was recently prolonged in Chisinau, where the opposition has opposed the sale of the strategic asset.

The 20% stake in the CNAPM Constanţa represents the second most valuable holding in the FP portfolio, with a share of about 16% of net assets, the equivalent of about RON 365 million.

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